Loss on sale of car
This query is : Resolved
01 September 2016
One company has bought a car for Rs. 10.00 lacs in 2006 and has been shown as UNUSED ASSET and NO depreciation has been claimed as per Companies Act and Income Tax Act. This car has been shown as Rs.10.00 lac in Fixed Asset as seperate block. Now the company wants to sell the car for Rs.4.00 lacs. Can you tell if there will be any loss on sale of this asset.
01 September 2016
so far as income tax is concerned, in the case of depreciable asseet, the depreciation shallbe deemed to be charged even if the same is NOT claimed.
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