25 August 2009
Hello, our client has following blcok of assets of vehicle @ 15 % as on 31.03.2008.
Scooter Rs. 2100 Opel Car Rs. 369803
During the year client has sold opel car for Rs. 175000/- and buy a new car worth rs. 750000/- on 31.01.2009.( which is qualified for depriciation @50 %).
My question is whether new car is qualifed for depriciation for each and every year @50% and whether the block of 15 % and 50 % is same or not? How entry should be passed for sale of old car .. whether to pass entry for loss or it is to be clubbed in 15% blcok.
CAclubindia
