Depriciation as per i.t act

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Aarav jain (Querist)
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15 April 2013 suppose block value of the assets is 1000 ,purchase additional assets used more than 180 days .also sale of asstes after using 140 days (<180 days).so my qstn is while calculatin depreiciation as per I.T ACT do have to take on sold assets also ?

Pankaj Gupta

Pankaj Gupta (Expert)
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15 April 2013 As power IT act, depreciation is charged on the closing value of the block. Closing value is calculated as follows-:

Opening balance of the block + new purchases for more than 180 days +1/2 of new purchases for less than 180 days -sale price of the assets sold during the year.

On the sale of asset, there is no need to calculate less than or more than 180 days period.