Depreciation

Income tax department allows depreciation based upon "block of asset method". In case of sale, the value will be removed from the block and depreciation will be computed for the balance figure. FAR is different for income tax purpose and for accounting purpose.

IF lease is in the nature of Finance lease then you cannot, otherwise you can

Dear Sir,

Yes sir, you can surely claim depreciation for the period.

Trust this clarifies your query.

Feel free to get back/ call back for any further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB - GEN, CERT. FAFP

What is the nature of business in H1.

Dear Sir,

You will not able to claim any depreciation in current year as position as on 31st March need to seen for determining depreciation eligibility.

Dear Sir,

This depends on the nature of lease..if the lease is in the nature of operating lease, you can claim depreciation for the whole year for the purpose of income tax. However, if it is in the nature of financial lease, you cannot claim depreciation.

Regards,

CA Abhishek Dugar