07 October 2008
hello friendz... one of my client has changed its partnership to prop.ship now i want to know dep.(only tax dep)status on aasets transfrd conversion took place on jan20,2008 now who will charge dep?prop.or can partnership firm will also charge dep.upto date of transfer? n what about additional dep on mach.purchased by partnership firm,can individual charge additional dep on it ?(as it has become second hand asset for him) plz advice other tax implications also all assets have been transferred at book value only thankx
08 October 2008
1)depreciation will be charged in partnership accounts and thereafter in proprietry accounts. 2) These are second hand only to prop firm. 3) WDV will continue with prop.
CAclubindia
