@ what value used car of an assessee be transfered to firm

If he was claiming dep for the car then WDV and if not, then the FMV will the right option

Car can be transferred to Firm at any value and firm can claim deprec. on the same , provided firm is using the same for business purpose:

Tax consequences will be as under:

As per Sec 45(4) capital gain will arise in the hands of partner:

Full Value of Cons(Value at which car trfd to firm)                         xxxx

less:Cost/Indxed cost of acquis in the hands of Partner                 xxxx

@ kunal lakhotia what if carry the carr at purchase cost? further more the assessee has sold the old car for Rs. 205600 & purchased a new car in the same year