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SALE OF BUSINESS ASSET

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25 January 2011 A TRUCK IS SOLD WHICH WAS USED FOR BUSINESS PURPOSE. IS DEPRECIATION CHARGEABLE IN THE YEAR OF SALE ?
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
25 January 2011 you can claim depreciation u/s 32 only if you are having that asset on last date of the previous year, because asset sold before the last date therefore, deprecaition cannot be charged.

Regards!!!

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