Depreciation on block of assets

This query is : Resolved

SHREEPAL LALWANI (Querist)
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11 August 2016 Dear Sir,

I have Motor cycle opening Balance as on 1-4-2015 Rs. 20056. I have sold this motor cycle on 21-12-2015 Rs. 9500/- and purchased new motor cycle on 21-12-2015 for Rs. 50500/-. can any one tell me what is the depreciation amount as per income tax act, 1961?

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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11 August 2016 As per Income Tax Act, depreciation will be Rs. 9158 i.e. 15% on 61056 (Opening + Purchase - Sale Amount)

SHREEPAL LALWANI

SHREEPAL LALWANI (Querist)
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12 August 2016 but sir, new assets purchased is used for less than 182 days.

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