Additional depreciation query. Urgent.

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  1. Manya kapoor

    Manya kapoor New Member

    Hi. Please someone help! I have a query!
    If plant and machinery (eligible for additional depreciation u/s 32(1)(iia) is bought in a certain year and sold in the same year, how will we treat additional depreciation in this case? I'm sort of confused! Thanks in advance.
  2. king999maker

    king999maker Active Member

    additional depreciation should also deduct from the cost of asset and should record as depreciation and the remaining value should be written down value of asset, if it is sold then written down value should be deducted from sale proceeds the amount we arrived after this should be treated as short term cap gain or loss as the case may be
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