depreciation

This query is : Resolved

Kranthi Kumar (Querist)
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23 June 2009 if the depreciation even if eligible is not claimed then is it lost for ever ? or can the depreciation of subsequent years be claimed on WDV not considering the unclaimed depreciation ? if no then is the same provision applicable to additional depreciation ?

Sanjeev Jain

Sanjeev Jain (Expert)
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23 June 2009 See to claim depreciaiton is mandatory as far as income tax is concerned you can not take a plea that even if i am eligible to claim depreciation u/s 32(1)(ii) of inocme tax act, 1961 it has not been claimed .

if you don't claim Depreciation in the current assessment year, you will be eligible to claim deprecitaion on the amount of WDV that ought to have been as if Depreciation would have been claimed.

As in the case of additional depreciation u/s 32(i)(iia)it is an additional benefit provided by the legislature to the assessee. if assessee doesnt opt for this benefit he can claim the same in the form of depreciaiton in the subequent assessment year.