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Regarding Loss on sale of Jeep & Depreciation

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(Querist)
07 July 2023 Hey , Can anyone help me in this query, A proprietor sold Jeep on 28th Feb ,2023 for Rs. 85000/- WDV value as on 1st April,2022- Rs. 114120/- (Jeep is only used for business). Pls tell me the accounting treatment of sale & depreciation and how to give effect under income tax. Its Urgent...
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 July 2023 Under income tax credit the sale value to the block of assets.
On the books of accounts account the loss on sale of assets
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Francis George

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Francis George (Querist)
07 July 2023 Sir what about Depreciation?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 July 2023 No depreciation in the year of sale.

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