WDV of Branch Asset

This query is : Resolved

Devang (Querist)
Follow

29 August 2009 while preparing schedule of Depreciation as per Income Tax U/s 32 for the Y E 31.03.09, WHETHER we can Consider the WDV of assets of One entity( HUF) as on 31.03.08 as an Opening WDV of another entity ( Company )as on 01.04.08 , in case of transfer of all assets from HUF to Company.

Thanks

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
Follow

30 August 2009 Yes. You can take the same value if your tranfer agreement is silent about the asset value.

If any specific value is given in the tranfer deed then that value has to be considered.