DEPRECIATION ON CAR
This query is : Resolved
21 January 2011
DEAR SIR,
WE WANT TO SALE TWO YEARS OLD CAR. CAR IS IN PARTNER'S NAME. BUT IT IS USED FOR BUSINESS PURPOSE. CAR IS IN BOOKS OF FIRM AND WE CLAIM DEPRECIATION EVERY YEAR. NOW WE WANT TO SALE IT IN FEB-11. MY QUERRY IS (A) dO WE HAVE TO CHARGE DEPRECIATION ON THAT CAR TILL 30.01.2011 ?
THANKS IN ADVANCE.
ANCKOORA
WE WANT TO SALE TWO YEARS OLD CAR. CAR IS IN PARTNER'S NAME. BUT IT IS USED FOR BUSINESS PURPOSE. CAR IS IN BOOKS OF FIRM AND WE CLAIM DEPRECIATION EVERY YEAR. NOW WE WANT TO SALE IT IN FEB-11. MY QUERRY IS (A) dO WE HAVE TO CHARGE DEPRECIATION ON THAT CAR TILL 30.01.2011 ?
THANKS IN ADVANCE.
ANCKOORA
21 January 2011
As per income tax act, depreciation need not be charged for any asset in the year of sale.
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