Depreciaiton allowable u/s 32 ?
This query is : Resolved
CA Lokesh Pokharna
(Querist)
11 October 2010
if wdv of car on 01-04-2009 say rs. 180000, this car sold on say 15-2-2010 for rs . 150000, & one new car buy on 19-2-2010 cost rs. 215000 ? tell me depreciation allowable u/s 32 for the year & any gain arising on this transaction......
11 October 2010
No depreciation on car sold on 15/2/10.
Depreciation for 180 days will apply on car purchased on 19/2/10.
No gain calculation is required under Income tax. Simply Rs. 150000/- to be deducted from the gross block of Vehicle.
Depreciation for 180 days will apply on car purchased on 19/2/10.
No gain calculation is required under Income tax. Simply Rs. 150000/- to be deducted from the gross block of Vehicle.
taxindiaconnect
(Expert)
11 October 2010
I agree with Subhash on the first two answers. However I have would like to add on the third query of capital gains. There would be a loss of Rs 30K as the entire block ceased to exist on the date od sale and new car was purchased later. Though one need to check in details.
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