depriciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2010
Car used for business purpose from last 7 yrs and dep have been claimed for every year. As on 1st April 2009 its written down value is 25,000 car being sold on 1st oct 09 fr 50,000.
Can the depreciation be claimed for financial year 2009-10, should the gain is taxable as long term or short term.
Can the depreciation be claimed for financial year 2009-10, should the gain is taxable as long term or short term.
23 June 2010
No depreciation can not be claimed as depreciation under Income Tax in allowed on block basis which exists on March 31 but in the above case as you have sold the car before 31st March so depreciaiton can not be claimed.
Capital gain on the car will be short term capital gain as you are continuosly charging depreciation on it for last 7 years. So it will be treated as Short term Capital Asset.
Capital Gain will be sale consideration less WDV (i.e. 25,000). So ultimately you will be able to recover all your cost.
Capital gain on the car will be short term capital gain as you are continuosly charging depreciation on it for last 7 years. So it will be treated as Short term Capital Asset.
Capital Gain will be sale consideration less WDV (i.e. 25,000). So ultimately you will be able to recover all your cost.
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