Depreciation
This query is : Resolved
10 August 2009
Whether depreciation is allowed on an asset purchased and sold in the same previous year?
6 assets were purchased during the year in that block and all were put to use for a period less than 180 days. 1 of those assets was sold during the year.
So, wether depreciation would be allowed on that asset or not????
6 assets were purchased during the year in that block and all were put to use for a period less than 180 days. 1 of those assets was sold during the year.
So, wether depreciation would be allowed on that asset or not????
10 August 2009
cost of the asset will be added in the cost of block sale wproceeds will be deducted & on balance dep. will be calculated.
On opening , full dep.
On additions less sale= half rate of dep will be allowed.
On opening , full dep.
On additions less sale= half rate of dep will be allowed.
10 August 2009
As per Income Tax Act, any fixed assets added to the block and if it is ready to use then you can claim depreciation at full rate if used more than 6 months otherwise half the rate.If any assets sold in a particular year then the sale proceeds will be reduced from the block of assets, if it is +tive charge depreciation, if it is -tive then show as loss on sale of assets in the P L A/C.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
