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depreciation

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(Querist)
22 June 2009 sale value is 145000.
as per co act wdv of car is 121000.
as per it act wdv of car is 115000.
than what should b the capital gain will be shown in computation and y?
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Vipul J. Bhavsar

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Vipul J. Bhavsar (Expert)
22 June 2009 The Capital Gain will be Rs. 30,000 (Rs.1,45,000-Rs.1,15,000) because taxability of the gain is according to Income Tax Act and not as per Companies Act.
So accordingly depreciation as per IT Act itself should be considered.
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
22 June 2009 take WDV as per IT Act
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