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Replacement of asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 January 2013 01/04/2010 car purchase 200000/-
Less Depreciation 30000/-
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WDV 170000/-
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On 30/09/2011 New version of car replaced by paying extra 100000/-.How taxation should take place.

Thanks and Regards,
SBK
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
01 January 2013 There will be no tax incidence. However you can add Rs 100000 in Car A/c and charge depreciation on 270000.
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