Depreciation provision in case of succession
This query is : Resolved
03 September 2012
If proprietor of sole proprietorship concern has died on 13th december and his concern is carrying by their two sons by creating a partnership firm from 14th december under the same name. what will the treatment be provide in case of depreciation on fixed assets?
03 September 2012
In this case you can claim depreciation twice (ie dep allowable to father+dep allowable to son)
Steps:-
* For father, Calculate dep on the wdv as on 31 march(at full % without seeing 180 days)
* Then for son calculate dep (on full % without seeing 180 days) on wdv as on 13 dec
* You can claim both of the above as depreciation, but in the first year only.
Steps:-
* For father, Calculate dep on the wdv as on 31 march(at full % without seeing 180 days)
* Then for son calculate dep (on full % without seeing 180 days) on wdv as on 13 dec
* You can claim both of the above as depreciation, but in the first year only.
04 September 2012
Thanks Sir
05 September 2012
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