Depreciation on car
This query is : Resolved
Atma Prakash Jaiswal
(Querist)
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
Nikhil Kaushik
(Expert)
27 May 2014
please refer Explanation 4 to Section 43(1) of the Income-tax Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Royalty payments to the Mining Department for procurement of murum - GST input
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
