Loss on sale of car in case of propritor ship firm
This query is : Resolved
SATYENDRA KR. GUPTA
(Querist)
22 July 2011
Dear all,
Please answer my query of as follows:-As per Income tax act-1961
W.D.V.OF Car as on 1.4.2010 Rs.234415
date of purchase 1.7.2008 Rs.396361
sale on 24.4.2010 Rs.200000( above car )
purchase new car on 25.4.2010 Rs.387377
please find out the depreciation as per per income tax ,and loss on sale of car if any?
Thanks & regards
Satyendra Gupta
Please answer my query of as follows:-As per Income tax act-1961
W.D.V.OF Car as on 1.4.2010 Rs.234415
date of purchase 1.7.2008 Rs.396361
sale on 24.4.2010 Rs.200000( above car )
purchase new car on 25.4.2010 Rs.387377
please find out the depreciation as per per income tax ,and loss on sale of car if any?
Thanks & regards
Satyendra Gupta
24 July 2011
Depreciation is calculated on block basis and no loss or profit is booked unless no assets remain in that block at the end of the year. In your case depreciation will be calculated on following basis:
WDV as on 1.4.10 234415
less: sale of car -200000
Add: Purchase of car +387377
Net Balance 421792
Depreciation will be calculated at normal rates on 421792
WDV as on 1.4.10 234415
less: sale of car -200000
Add: Purchase of car +387377
Net Balance 421792
Depreciation will be calculated at normal rates on 421792
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SATYENDRA KR. GUPTA
(Querist)
02 August 2011
Thank you sir.
Best Regard
S.K.Gupta
Best Regard
S.K.Gupta
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