Depreciation on car sold in the year
This query is : Resolved
Atul Sharma
(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?
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.
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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?
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?
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