CA. Kamlesh Patel (Practicing CA) (33 Points)
06 June 2011How one can get deduction for livestock held for dairy farming business from the point of view of Income Tax Act,1961?
CA,CMA,CS Karan Gogia
(Employed)
(230 Points)
Replied 06 June 2011
in diary farming livestock is ur capital asset and not stock in trade...u cannot avail direct deduction for that...moreover u r not allowed depreciation on live stock beacuse no rate of dep. is mentioned in depreciation schedule.....but yes if any animal is died or disable for being of no more use...u can take deduction = cost of that animal(purchase price)-its scrap value...
if you have any query revery me at kitu.kool @ gmail.com
CA. Kamlesh Patel
(Practicing CA)
(33 Points)
Replied 06 June 2011
Thanks sir.
So it means that no deduction in respect of purchase of livestock.
CA,CMA,CS Karan Gogia
(Employed)
(230 Points)
Replied 10 June 2011
yes ...rite no deduction for purchase....
JANET ANJALIN J
(CA Final)
(231 Points)
Replied 13 August 2014
Sir,
How the calves born during the previous year valued when they are sold?
CAclubindia
