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Purchase a new car &sold old car

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 February 2013 Isold my old car (worth rs 120000.00 in books)in rs.20000.00 and also purchase a new car worth rs. 400000.00 , HOW MUCH depriciation CLAM on both car`s.
please help me .
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
19 February 2013 I presume you are asking about treatment in Income Tax Act.

Opening WDV - 120000
Add - Purhcases - 400000

Less - Sale Value - 20000

WDV for depreciation - 500000

You will have to claim depreciation on Rs. 5,00,000/-

Loss on sale of car will not be allowed.
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 February 2013 how much depreciation i clam on old car and new car
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
10 August 2024 https://docs.google.com/document/d/1PjqYjKdpVnvBU_zLQksJ61eQLiyVhdzUDLQE6vRHkNE/edit?usp=sharing
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