Depreciation
This query is : Resolved
08 May 2014
If an asset is purchased and sold during the same year then depreciation is allowed?
08 May 2014
It depends on the policy of the enterprise, if they r providing depn. on the the Assets in the year of sale. As per IT Act there is no such restriction.
08 May 2014
so existence of asset at the year end is not necessary if it is purchased in the same year?
08 May 2014
No u can dispose it in the same year if u want.
08 May 2014
and if there is single asset in the block then we cannot claim the depreciation, it will lead to short term capital gain or loss
08 May 2014
It will result in ur other income. Profit/Loss on sale of Fixed Assets.
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