Depreciation on car sold in the year
This query is : Resolved
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?
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?
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.
Message likes :
1 times
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?
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- ADVANCE PAYMENT OF ADVOCATE
- TDS Deducted AY-2013-14 Not Reflected in 26as
- NRI starting business in India
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Invertaded duty struture
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
