Animals used in Business otherwise than as Stock-in-Trade - Section 36(1)(vi) - Income Tax - Ready Reckoner - Income Tax

Animals used in Business otherwise than as Stock-in-Trade - Section 36(1)(vi) In respect of animals which have been used for the purposes of business otherwise than as stock-in-trade and have died or become permanently useless for such purposes, the difference between the actual cost of the animals and the amount realised on their sale, if any, is allowed as deduction under this section. (Word 'Animals' Includes birds and chicken also). Depreciation is not allowable on animals used for the purposes of business. Amount of deduction = Cost of buying the animal - amount realized on sale.