SEC 32 depreciaiton on sale of asset

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Rameez Anwar (Querist)
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25 June 2009 If an asset was purchased and sold in the second half of the SAME year, how should the depreciation be calculated?

Vipul J. Bhavsar

Vipul J. Bhavsar (Expert)
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25 June 2009 If the asset is bought and sold in the second half of the same year, full rate of depreciation will be charged for the proportionate period.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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25 June 2009 Under Income Tax, the depreciation is calculated on closing WDV of the block and not on proportionate period basis. If you buy an asset and sell it in the same period, the you can claim depreciation only if there is any other asset exist in the same block, and the selling amount is lesser then the WDV value of that block. Otherwise, you can not claim depreciation.

CMA Ankur Pandey

CMA Ankur Pandey (Expert)
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25 June 2009 agree with tarun

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