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Depreciation on asset sold

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(Querist)
18 May 2009 As per INCOME TAX ACT, no depreciation will be charged on an asset sold during the year.

But there is a confusion regarding the Companies Act.

Should we provide depreciation on asset sold during the year accounted on days basis in COMPANIES ACT?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 May 2009 Yes. Last para of the query is the right answer.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
18 May 2009 agree with the experet
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
18 May 2009 Yes. Depreciation is calculated on the basis of number of days. Even if the asset is used for one day and then sold, the depreciation shall be calculated for one day.

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