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DEPRECIATION ON FIXED ASSETS SOLD AFTER 180 DAYS

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(Querist)
19 September 2010 IF IN A PARTNERSHIP FIRM OR PROPROPRIETORSHIP FIRM IF THERE IS SALE OF FIXED ASSETS ON 12/02/2010 I. E. AFTER 180 DAYS


THEN FOR WHICH PERIOD DEPRECIATION SHOULD BE CLAIMED

FOR WHOLE YEAR

OR HALF YEAR
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 September 2010 If an asset is sold, no depreciation need to be charged as per the Income tax Act,
1961 irrespective of the date of sale.
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Rahul

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Rahul (Expert)
19 September 2010 Agreed with Chackrapani Sir, because in Income Tax depreciation is provided in Block of assets, existing as on MArch 31st.
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