Additional depreciation query. Urgent.

Share
Share This Thread
  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
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
tax-on-additional-payout-in-delisting Income Tax Dec 23, 2017
Additional Tax Saving possibilities Income Tax Nov 25, 2016
Additional deduction of Rs. 50000 under NPS Income Tax Oct 13, 2016
Confusion regarding 80C,80CCD with regards to NPS...additional deduction for 50000.. Income Tax Sep 30, 2016
on additional deduction of Rs 50,000 Income Tax Jul 23, 2016