Depreciation for 1 day

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2012 When a asset is sold/retired on 1st April...how much depreciation will be charged on it under income tax...

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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13 September 2012 As per income tax depreciation on the sold assets doesn't allow in the year of sold.

Thus in your case as per IT act depreciation didn't be claim on the sale of the asset.

OM SAI SRI SAI JAI JAI SAI

CA Amit Rajput

CA Amit Rajput (Expert)
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13 September 2012 but if any single asset is sold out of entire block of asset than remaining value of asset will be taxed at the prescribed rate based on nature assets.

and if only one asset in this block than no depreciation as no block is existed on end of the year.
and treatment of stcg will be applicable.

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