Fixed assets
This query is : Resolved
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)
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)
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)
capital loss will be
opening w.d.v-sales price.
This is as per Income Tax rules(Block of Assets)
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12 September 2011
The car uses upto 7.2.2011 can depreciation allowed. The Car value as on 31st march 2011 will be Nil.
12 September 2011
NO, depreciation will not be allowed as the asset doen not exist on the last date of financial year.
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