Regarding Loss on sale of Jeep & Depreciation
This query is : Resolved
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Francis George
(Querist)
07 July 2023
Hey , Can anyone help me in this query, A proprietor sold Jeep on 28th Feb ,2023 for Rs. 85000/- WDV value as on 1st April,2022- Rs. 114120/- (Jeep is only used for business). Pls tell me the accounting treatment of sale & depreciation and how to give effect under income tax. Its Urgent...
CA R SEETHARAMAN
(Expert)
07 July 2023
Under income tax credit the sale value to the block of assets.
On the books of accounts account the loss on sale of assets
On the books of accounts account the loss on sale of assets
Francis George
(Querist)
07 July 2023
Sir what about Depreciation?
CA R SEETHARAMAN
(Expert)
07 July 2023
No depreciation in the year of sale.
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