banner_ad

Depreciation on car sold in the year

This query is : Resolved 
Profile Image

Profile Image

(Querist)
07 September 2011 Dear Members

PLEASE GUIDE IF A CAR IS SOLD AFTER 30TH SEPTEMBER THEN SHOULD WE AVAIL 100% DEP. IN CASE OF A PVT. LTD. CO.; FOR INCOME TAX PURPOSES?
Profile Image

CA.M.V.RAMACHANDRA RAO

Profile Image

CA.M.V.RAMACHANDRA RAO (Expert)
08 September 2011 no. as per Income tax we need to reduce the net realized value(sale price) from the WDV. But not 100% Depreciation.
Profile Image

Atul Sharma

Profile Image

Atul Sharma (Querist)
10 September 2011 Thank you sir.

Further please clarify the net realised value is to be reduced from W.D.V. on 1.04.10 or W.D.V. on the date of sale.

Is there any specific instruction in the Income Tax Act that no depreciation is to be allowed in the year of sale of fixed asset?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details