Sale of Motor Car
This query is : Resolved
Vani Sreeram
(Querist)
11 June 2008
The assessee has sold a motor car on 31.03.08. Can depreciation be claimed on the car sold. There are other assets in the block. Is it necessary to show the profit or loss on sale of motor car in P/L account because any way it will not be considered for tax purposes.
Vani Sreeram
(Querist)
11 June 2008
Expecting answer.
Shyam Lal Naik
(Expert)
11 June 2008
Depreciation(under IT Act) can not be claimed. The WDV will be reduced by the amount of Sale Consideration.
Whether to show Profit/Loss or charge depreciation depends on your internal policy matter or other statutory requirement(eg. Company Act)
Whether to show Profit/Loss or charge depreciation depends on your internal policy matter or other statutory requirement(eg. Company Act)
Shyam Lal Naik
(Expert)
11 June 2008
Depreciation(under IT Act) can not be claimed. The WDV will be reduced by the amount of Sale Consideration.
Whether to show Profit/Loss or charge depreciation depends on your internal policy matter or other statutory requirement(eg. Company Act)
Whether to show Profit/Loss or charge depreciation depends on your internal policy matter or other statutory requirement(eg. Company Act)
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