23 December 2015
In case of conversion from Private Ltd. Co. to Limited Liability Partnership during the year, what is the treatment of depreciation in case of both assessees aforementioned?
23 December 2015
As far depreciation is concerned, depreciation need to bifurcated between both assessees on number of days asset was held by both assessee during the previous year under section 32 of Income Tax Act.
23 December 2015
In case of non-compliance of Section 47(xiiib), the LLP will claim depreciation according to the no. of days the asset has been put to use by it. . Pvt Ltd Co. can not claim depreciation on the depreciable assets transferred by it. .
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