Allowable depreciation.
Querist : Anonymous
oct 2010 for Rs.5 lacs, the WDV of the same on 01.04.2010 was Rs.410000/- he has purchase the new car in the month of Nov.2010, for Rs.650000/-
In the above circumstances, what will be dep. allowable dep on the new car? and will there by any capital gains on the sale of old car?
Dear experts, pl clarify
Add: Addition Nov 2010 ..............650000
Total...............................1060000 Less: Deletion.......................500000
WDV..................................560000
Depreciation @7.5 on 560000/ can be claimed.
No Capital Gains will arise.
Querist : Anonymous
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