11 July 2009
XYZ Ltd Purchased a P&M On 1/5/2008 and the same was sold on 20/01/2009 (Same financial year). Can XYZ ltd Claim IT depreciation for that P&M?
Depreciation is available only for those assets of which WDV is showing in balance sheet as on 31st march. if u have sold your assets than u r not eligible for depreciation.
short term capital gain wil be computed in hands of assessee.
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