Sale of car
This query is : Resolved
28 August 2013
should the profit or loss on sale of fixed asset(car) be accounted at the time of sale itself under income tax act??
how is it treated if if the sale is by a trust??
can depreciation upto the date of sale be provided??
plss reply
how is it treated if if the sale is by a trust??
can depreciation upto the date of sale be provided??
plss reply
28 August 2013
yes depreciation is allowed if trust is having car for its business purpose and it will be income from other sources to trust.
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28 August 2013
depreciation to be provided upto the date of sale or 180 days concept/??
profit or loss on sale also to be accounted at the same time??
profit or loss on sale also to be accounted at the same time??
31 August 2013
it will be depreciated till date if sale and profit or loss will be accounted at the point of sale.
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