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

harshit surana (article) (33 Points)

20 September 2013  

At what value shall a used car of an assessee be transfered to firm for the purpose of depritiation as per income tax act.

the assessee accuired a car for Rs.589600 in AY 2010-11 & used it for personal use. now he wishes to carry the same car to his firm for claiming depritiation. what shall be the value of car as per income tax act Rs.589600 or Rs.589600 less Dep. for 2 years.

further more the assessee has sold the old car for Rs. 205600 & purchased a new car in the same year