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Depreciation

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(Querist)
13 February 2021 A person stopped his entire business on10th March 2020.

Fixed assets are valued and and entire fixed assets are sold on the same day and no fixed assets for him as on 31-3-2020

Whether he is eligible for depreciation during the year ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 February 2021 As per Income tax act,1961 no depreciation is allowed ,in your case, in the year of sale of the assets.

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