Whether capital gain is required to calculate or not?
This query is : Resolved
SHREEPAL LALWANI
(Querist)
16 January 2016
Sir,
My Query is as below.
I have one car in my block of assets during f.y.2014-15 opening w.d.v. is 240000/- . I sold this car on 15-5-2014 for Rs. 260000/-. So as on 15-5-2014 my block of assets is NIL. Now I have purchased another new car on 16-6-2014 (Same financial year) for Rs. 840000/-. So please tell me I want to calculate capital gain on sale of old car on 15-5-2014 or not?. Please reply
My Query is as below.
I have one car in my block of assets during f.y.2014-15 opening w.d.v. is 240000/- . I sold this car on 15-5-2014 for Rs. 260000/-. So as on 15-5-2014 my block of assets is NIL. Now I have purchased another new car on 16-6-2014 (Same financial year) for Rs. 840000/-. So please tell me I want to calculate capital gain on sale of old car on 15-5-2014 or not?. Please reply
Amol S Joglekar
(Expert)
16 January 2016
No, not required to be calculated as the block of asset exists as on the year end date. The depreciation shall be calculated on 820,000. This is for income tax purpose. (From accountancy perspective, you can very well show the gain on sale of CAR, separately in your profit and loss account)
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