Dear all
My client has bought a car in 2007, opening WDV as on 01.04.09 is Rs.4,26,799 and it was sold on 22.02.10 for Rs.3,65,000. What will be the depreciation amount for 2009-10? will it @ 15% on opening WDV?
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Depreciation on Motor Car for Individual
Replies (4)
Dear Rashmi,
If the Car in question is the only vehicle then Depreciation shall not be allowed & difference shall be STCL u/s 50.
If the Block has other vehicles also then Depreciation shall be allowed on the WDV as on 31.03.2010.
Dear Amir can you tell me reason why depreciation is not allowed??
Dear Rashmi,
Depreciation shall not be allowed becos once the car is sold then the Block cease to exist since there is no other asset in the Block, which is the precondition to claim Depreciation.
Thank a lot Amir.
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