Depreciation on sale of car
This query is : Resolved
Guest
Guest
(Querist)
10 August 2011
My company owns 10 cars out of which 1 car is sold at Loss
in case of companies act :-
i will reduce the amount COP from gross block & give the effect of depreciation claimed till date & Selling Price in adjustment column of depreciation block...
wanted to know the effect of same in income tax act
since Selling price is deducted from WDV there is still balance left at the end of year on that car.....should depreciation effect be given on the left over balance for the succeeding years till it gets nill
in case of companies act :-
i will reduce the amount COP from gross block & give the effect of depreciation claimed till date & Selling Price in adjustment column of depreciation block...
wanted to know the effect of same in income tax act
since Selling price is deducted from WDV there is still balance left at the end of year on that car.....should depreciation effect be given on the left over balance for the succeeding years till it gets nill
10 August 2011
calculate the deprecation on closing wdv as per income tax.
Opening wdv- 10
Deletion - 2
Closing wdv-8
Opening wdv- 10
Deletion - 2
Closing wdv-8
Guest
Guest
(Querist)
10 August 2011
this mean even if my Company no more owns car ...it car still claim depreciation on it?
10 August 2011
if block of car is exist to cheese then company shall not claim the depreciation
Guest
Guest
(Querist)
10 August 2011
sorry didnt get your reply...
my question is ,even after selling the car my wdv is 8 L than should i claim depreciation on 8 L for the next FY
my question is ,even after selling the car my wdv is 8 L than should i claim depreciation on 8 L for the next FY
10 August 2011
yes you can do that
Guest
Guest
(Querist)
10 August 2011
thank you sir....
can you please quote the section?
can you please quote the section?
10 August 2011
Sec--32
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