Purchase of car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2012
Mr 'A' has purchased a car (invoice Rs 6 lakhs) in exchange of car (in name of mother) and make payment of Rs. 4 lakhs.
In books of MR. A car would cost Rs. 4 Lakhs or Rs. 6 Lakhs.
In books of MR. A car would cost Rs. 4 Lakhs or Rs. 6 Lakhs.
08 August 2012
Book value will be Rs 6 lakh, as 2 lakh is proceeds from assets sold. Profit/Loss he has to account in P&L
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
