depreciation U/s 32 read with section 50
This query is : Resolved
17 August 2009
A car is purchased after october 2008.For this ,an old car is exchanged and remaining amount paid by cheque.
My question is that how the dep. will be calculated?
Section says that WDV is calculated by deducting cash recd/receivable from sale of old asset.Whether exchange value of old car will be deducted to calculate WDV?
whether the value of car that existed on 1/4/2008 and still remaining in the block on 31/3/2009 will be reduced with exchange value and dep.calcuted thereon at full rate ?Please explain the case.
My question is that how the dep. will be calculated?
Section says that WDV is calculated by deducting cash recd/receivable from sale of old asset.Whether exchange value of old car will be deducted to calculate WDV?
whether the value of car that existed on 1/4/2008 and still remaining in the block on 31/3/2009 will be reduced with exchange value and dep.calcuted thereon at full rate ?Please explain the case.
17 August 2009
only value paid will be addition becz once the asset forms part of block, it looses its identity
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Applicability of tax on invoice
- IMS (import of goods) ITC related
- Advances to related party
- Form 144 TDS Return Validation Error – Mandatory Fields
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
