22 June 2009
sale value is 145000. as per co act wdv of car is 121000. as per it act wdv of car is 115000. than what should b the capital gain will be shown in computation and y?
22 June 2009
The Capital Gain will be Rs. 30,000 (Rs.1,45,000-Rs.1,15,000) because taxability of the gain is according to Income Tax Act and not as per Companies Act. So accordingly depreciation as per IT Act itself should be considered.
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