23 April 2012
Sir, Kindly tell us if car sold on profit after month of sep. are taxable or not in case of individual and dep. chargesd for whole year or not?
23 April 2012
Depreciation under The Income tax Act is allowable on wdv as at close of the year i.e.at 31st March.and hence closing wdv is to be arrived at as follows;
Opening wdv Add:cost of acquisition of new asset acquired during the previous year falling in that block Less:Sales consideration received/receivable for assets transferred during the previous year
hence sales value of sold car is to be deducted from wdv of block of assets before calculation allowable depreciation.
CAclubindia
