SEC 32 depreciaiton on sale of asset
This query is : Resolved
25 June 2009
If an asset was purchased and sold in the second half of the SAME year, how should the depreciation be calculated?
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.
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.
25 June 2009
agree with tarun
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