diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index 01a34a33177..14d0d53ac69 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -311,6 +311,9 @@ class Asset(AccountsController):
 				)
 
 	def set_missing_values(self):
+		if not self.calculate_depreciation:
+			return
+
 		if not self.asset_category:
 			self.asset_category = frappe.get_cached_value("Item", self.item_code, "asset_category")
 
@@ -1297,7 +1300,6 @@ def create_new_asset_after_split(asset, split_qty):
 		)
 
 	new_asset.insert()
-
 	add_asset_activity(
 		new_asset.name,
 		_("Asset created after being split from Asset {0}").format(get_link_to_form("Asset", asset.name)),
diff --git a/erpnext/assets/doctype/asset/test_asset.py b/erpnext/assets/doctype/asset/test_asset.py
index 1ae96fe75dd..609a6b9677d 100644
--- a/erpnext/assets/doctype/asset/test_asset.py
+++ b/erpnext/assets/doctype/asset/test_asset.py
@@ -445,6 +445,27 @@ class TestAsset(AssetSetup):
 
 		self.assertEqual(frappe.db.get_value("Asset", asset.name, "status"), "Sold")
 
+	def test_asset_splitting_without_depreciation(self):
+		asset = create_asset(
+			calculate_depreciation=0,
+			asset_quantity=10,
+			available_for_use_date="2020-01-01",
+			purchase_date="2020-01-01",
+			gross_purchase_amount=120000,
+			submit=1,
+		)
+
+		self.assertEqual(asset.asset_quantity, 10)
+		self.assertEqual(asset.gross_purchase_amount, 120000)
+
+		new_asset = split_asset(asset.name, 2)
+		asset.load_from_db()
+		self.assertEqual(asset.asset_quantity, 8)
+		self.assertEqual(asset.gross_purchase_amount, 96000)
+
+		self.assertEqual(new_asset.asset_quantity, 2)
+		self.assertEqual(new_asset.gross_purchase_amount, 24000)
+
 	def test_asset_splitting(self):
 		asset = create_asset(
 			calculate_depreciation=1,