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Value of car

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 July 2012 If the car has been used for personal purpose for 2 years and then it has been transferred to business. then what should be the value of the car on the date of transfer?
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CA Lokesh Pokharna

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CA Lokesh Pokharna (Expert)
30 July 2012 it wil be fair market value .... and can be obtained by deducting dep. on trf. date

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