Depreciation u/s 32
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 December 2014
in problem depreciation on car is debited to P/L is Rs. 4,000. in adjustment car was brought Rs.20,000 & proprietor charged depreciation @ 20%. it sold Rs.17,000. the use of car was 3/4 for Business & 1/4 for personal.
please give treatment in Income from Business.
what abt profit or sale on car?
please give treatment in Income from Business.
what abt profit or sale on car?
25 December 2014
Rs 20,000 x 20% depreciation x 1/4( for business purpose) is depreciation allowed for income from business as deduction.
Rupesh Jain
(Expert)
25 December 2014
LOSS ON SALE OF CAR RS20000/-17000= 3000 WILL LOSS ON SALE OF CAR.
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