11 October 2010
if wdv of car on 01-04-2009 say rs. 180000, this car sold on say 15-2-2010 for rs . 150000, & one new car buy on 19-2-2010 cost rs. 215000 ? tell me depreciation allowable u/s 32 for the year & any gain arising on this transaction......
11 October 2010
I agree with Subhash on the first two answers. However I have would like to add on the third query of capital gains. There would be a loss of Rs 30K as the entire block ceased to exist on the date od sale and new car was purchased later. Though one need to check in details.
CAclubindia
