Purchase a new car &sold old car

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Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 Isold my old car (worth rs 120000.00 in books)in rs.20000.00 and also purchase a new car worth rs. 400000.00 , HOW MUCH depriciation CLAM on both car`s.
please help me .

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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19 February 2013 I presume you are asking about treatment in Income Tax Act.

Opening WDV - 120000
Add - Purhcases - 400000

Less - Sale Value - 20000

WDV for depreciation - 500000

You will have to claim depreciation on Rs. 5,00,000/-

Loss on sale of car will not be allowed.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2013 how much depreciation i clam on old car and new car

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