Depreciation in case of transfer of business

Gaurav Chamoli

Articled Trainee

20 Points Posted on 26 June 2014

What will be the effect of Depreciation in case of Transfer of Business from deceased Father to Son as per Income Tax Act ?

We are going to make 2 Balance Sheets.

Do we calculate Depreciation in the proportion of Number of Days or 50:50 or wholly in books of Father or wholly in books of Son?

Also let us know the accounting effect....

Replies (2)

CA Saroj Kumar

Keen to learn something new every moment

20 Points Posted on 26 June 2014

IF both business is different from each other than no days used by each business shall be calculated and in the same proportion depreciation is to be claimed. If same business is being carried out then full depreciation u can claim in ur current business.

Tribhuvan Aditya Singh

Student as well as Self-employed

20 Points Posted on 26 June 2014

dep. to be calculated in proportion of no. of days.

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Depreciation in case of transfer of business

Gaurav Chamoli

CA Saroj Kumar

Tribhuvan Aditya Singh

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