depreciation
This query is : Resolved
CA BUNTY TALREJA
(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?
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?
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.
So accordingly depreciation as per IT Act itself should be considered.
22 June 2009
take WDV as per IT Act
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