banner_ad

Fixed assets

This query is : Resolved 
Profile Image

Profile Image

(Querist)
12 September 2011 One of my client in his Proprietorship Business in FY 2010-11.
Buniness Turnover Rs. 4 Core. and Net Profit Rs. 20 Lacs.
Op.Bal for motor car as on 1.4.2010 for Rs.444489/-
The motor car sale for Rs. 180000/- on date 7.2.2011
Depreciation & Loss of car sale how can compute it?

Kindly suggest the same.

Thanks & Regards.

(Nathuram Kadam)
Profile Image

CA Anjali Aswal

Profile Image

CA Anjali Aswal (Expert)
12 September 2011 As the car does not exist as on 31st march no depreciation will be allowed for the f.y. 2010-11. Also the loss will be short term capital loss.
capital loss will be
opening w.d.v-sales price.
This is as per Income Tax rules(Block of Assets)
Profile Image

NK1976

Profile Image

NK1976 (Querist)
12 September 2011 The car uses upto 7.2.2011 can depreciation allowed. The Car value as on 31st march 2011 will be Nil.
Profile Image

CA Anjali Aswal

Profile Image

CA Anjali Aswal (Expert)
12 September 2011 NO, depreciation will not be allowed as the asset doen not exist on the last date of financial year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details