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Sale of car (Accounts)

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This query is : Resolved

( Querist )
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,CS,CAFinal Tushar Sampat

( Expert )
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.

Anu Elizabeth Shaju

( Querist )
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??,CS,CAFinal Tushar Sampat

( Expert )
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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