FBT on Depreciation for Motor Car

This query is : Resolved

Satyajit Roy Chowdhury (Querist)
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22 January 2008 Dear Sir,

How to calculate on Depreciation for FBT purpose.

W.D.V as on 01.04.07 Rs. 1035904/-
Assets addition Rs. 450000/- as on 01.09.07
All assets sold 20.12.07 Rs. 1690000/-

Block of Motor Car is Nil
Please calculation on depreciation ?

Regards
Satyajit Roy Chowdhury

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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22 January 2008 Please refer to circular No. F.No.142/21/2005-TPL circular No.8/2005 clarification No.83.

The depreciation on motor car or any other asset for purposes of FBT shall be the depreciation computed u/s 32 of Income-tax Act. Such depreciation shall be the whole of amount of depreciation in respect of relevant block of assets.

Therefore, if the block of assets shoes zero value, then no depreciation is calculable.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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27 February 2008 If no depreciation is there as per IT provision, No FBT will arise.

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