Depreciation on car
This query is : Resolved
26 May 2014
Sir,
AY 2013-14
An assessee had a car as fixed asset on 1.4.12.
During May,2012 the car was transferred to her Father.
Now in AY 2014-15
the said car is again received by the assessee.
Query:
What is the value of the car if father has not claimed the depreciation on it.
Kindly Solve the Query with ref. to case law(if any).
Regards.
AY 2013-14
An assessee had a car as fixed asset on 1.4.12.
During May,2012 the car was transferred to her Father.
Now in AY 2014-15
the said car is again received by the assessee.
Query:
What is the value of the car if father has not claimed the depreciation on it.
Kindly Solve the Query with ref. to case law(if any).
Regards.
26 May 2014
whether claimed or not dep has to be charged as its not optional and only at wdv it can be entered in books of accounts
27 May 2014
please refer Explanation 4 to Section 43(1) of the Income-tax Act.
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