Derpreciation on asset of trust
This query is : Resolved
31 August 2013
hi
i would like to know whether a trust form for education purpose can claim depreciation as deduction?
whole of capital receipt (donation)is taken as deduction of that year then if depreciation is provided won't it lead to double deduction??
i would like to know whether a trust form for education purpose can claim depreciation as deduction?
whole of capital receipt (donation)is taken as deduction of that year then if depreciation is provided won't it lead to double deduction??
31 August 2013
IF YOU HAVE ACCOUNTED FOR FIXED ASSET AS CAPITAL RECEIPT AND CLAIMED IT AS DEDUCTION THEN NO NEED TO CHARGE DEPRECIATION AS IT WOULD LEAD DOUBLE DEDUCTION.
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