Depreciation
This query is : Resolved
24 April 2015
if we not use an business asset for the purpose of business in a year but not in 1st year of asset, can we claim depreciation on that asset for that year?Because as per sec 32, for claiming depreciation asset must be used or the business.
Plz guide me whether we can claim dep or not.
Plz guide me whether we can claim dep or not.
24 April 2015
Date of put to use matters..for newly assets if the asset is not in use ....you cant claim depreciation on that na...
for future years there is no such condition
for future years there is no such condition
24 April 2015
This is my views as per mah knowledge, wait for some more expert views in this regard
24 April 2015
Depreciation can not be claimed if asset is not put to use. Depreciation can be claimed from the year in which the asset is put to use.
27 April 2015
After put to use if we not use the asset for a year, whether depreciation allowed for the year.
27 April 2015
yes because the said condition is only for the first year not for the subsequent years
27 April 2015
Once asset is put to use you can continue to claim depreciation.
27 April 2015
BUT IT IS NOT SAID ANYWHERE IN THE ACT, ACTUALLY WE RECIEVE A NOTICE REGARDING FOR DISALLOWANCE OF DEP.
27 April 2015
under which section the notice related for disallowance of dep...
Thats what m saying the said condition is given only for the first year.. and no where is written that u had to check put to use date everyyear.. because put to date can b seen only once
Thats what m saying the said condition is given only for the first year.. and no where is written that u had to check put to use date everyyear.. because put to date can b seen only once
27 April 2015
but in act it is written, for claiming dep many conditions have to be saisfy including asset should be used.
27 April 2015
but in act it is written, for claiming dep many conditions have to be saisfy including asset should be used.
27 April 2015
r u having block of assets or a single asset
27 April 2015
No asset of that block is used or what ???
27 April 2015
If any of the asset in the said block is used.. depreciation is allowed in subsequent years dear...
http://taxadda.com/income-tax/business-or-profession/depreciation-sec-32/#2
http://taxguru.in/income-tax/understanding-deprecation-section-32-income-tax-act-1961-latest-case-laws.html
http://taxadda.com/income-tax/business-or-profession/depreciation-sec-32/
http://taxadda.com/income-tax/business-or-profession/depreciation-sec-32/#2
http://taxguru.in/income-tax/understanding-deprecation-section-32-income-tax-act-1961-latest-case-laws.html
http://taxadda.com/income-tax/business-or-profession/depreciation-sec-32/
27 April 2015
sir,
actually assessee is using block of assets method of depreciation. In such block approx 10 assets exist but during a f.y. single asset from the block is not used and the deptt says we cannot claim dep for the whole block becoz of that asset. what is it remedy?
actually assessee is using block of assets method of depreciation. In such block approx 10 assets exist but during a f.y. single asset from the block is not used and the deptt says we cannot claim dep for the whole block becoz of that asset. what is it remedy?
27 April 2015
check mah all links... wait i had read a case too related to this on which if a single assets is used out of the block,,, then depreciation for whole block is allowed...
because once u put an asset in block... individual importance gets over.. and depreciation calculation wil b on the basis of block
because once u put an asset in block... individual importance gets over.. and depreciation calculation wil b on the basis of block
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27 April 2015
now i am fully satisfied with your opinion and a big thanks for giving continous reply of my queries and for giving reference of case laws.
Thank you sir
now i am fully satisfied with your opinion and a big thanks for giving continous reply of my queries and for giving reference of case laws.
Thank you sir
27 April 2015
Your are welcome dear... The case was getting complicated so i provided case law references
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