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Sale of car

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(Querist)
28 August 2013 should the profit or loss on sale of fixed asset(car) be accounted at the time of sale itself under income tax act??

how is it treated if if the sale is by a trust??
can depreciation upto the date of sale be provided??

plss reply
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
28 August 2013 yes depreciation is allowed if trust is having car for its business purpose and it will be income from other sources to trust.
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Anu Elizabeth Shaju

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Anu Elizabeth Shaju (Querist)
28 August 2013 depreciation to be provided upto the date of sale or 180 days concept/??

profit or loss on sale also to be accounted at the same time??
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
31 August 2013 it will be depreciated till date if sale and profit or loss will be accounted at the point of sale.
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