banner_ad

Whether Car & Machinery come under same block of assets?

This query is : Open 
Profile Image

Profile Image

(Querist)
18 February 2011 A company has a Car on which 15% depreciation as per Income tax is charged. It also has a machinery in which it charges depreciation @ 15%.
As per Income tax act Car & Machinery, both are covered under main asset head of PLANT & MACHINERY.
So Whether both car & machinery will have to be merged togather for income tax depreciation purpose?
What will happen if the company sells off the Car?
Profile Image

Guest

Profile Image

Guest (Expert)
18 February 2011 In my opinion, both will placed in separate block.
Profile Image

Ashok Asthana

Profile Image

Ashok Asthana (Expert)
23 February 2011 Car does not form plant and machinery. It has to be listed under separate blocks. Mr. Moondra is right.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details