Please tell me the calculation of Depreciation. Op. WDV of Car Rs. 230000 which was sold on 10.03.2009 for Rs. 190000 and on 23.03.2009 another car was purchased for Rs. 300000. Calculate Depreciation for the year as per Income Tax Act if Rate is 15%.
10 Replies
Dilip
(Working)
(408 Points)
Replied 07 August 2009
You need to calculate half of 15% on Rs. 300000?- and at full rate on remaining amount.
prateek
(CA Final)
(355 Points)
Replied 07 August 2009
Op WDV 2,30,000
+ PURCHASE OF F.A 3,00,000* (purchased on 23.3.2009)
- MONEY'S PAYABLE 1,90,000
TOTAL 3,40,000
MR. R....halpfull hand is back
(.)
(297 Points)
Replied 07 August 2009
on Rs. 3,00,000 @ 7.5% i.e. 22500 and on Rs. 2,60,000 - 1,90,000 = 40,000 @ 15% ie. 6000 and hence total dep will be Rs. 28500...
CA Abhiram Bharat.
(Assistant Manager Taxation)
(508 Points)
Replied 07 August 2009
agree.. see the caculation here..
op wdv 230000
less:sold(190000)
balance 40000
Add: purchased30000
balance340000
calculation of depreciation...
40000*15%+300000*7.5%=6000+22500
hence total dep to be charged as per the I.T.act =rs28500/
Jatin Nigam
(Chartered Accountant)
(54 Points)
Replied 07 August 2009
In case of car which is sold for Rs 190000 whose opening wdv is Rs230000 , no depriciation can be claimed for the current year however the differncre in wdv and amount realized is treated as short term capital loss , Incase of new car purchased on 23-3-2009 one can claim depriciation for 50% of 15% on Rs300000, which comes out to be Rs 22500.
sandeepverma
(don't make exuse for study)
(304 Points)
Replied 07 August 2009
WDV- SALE PRICE CHG 15% DEP
AND FOR NEW 7.5% AND PLUS BOTH OF THEM
Sumit Jain
(CA)
(4760 Points)
Replied 10 August 2009
op wdv 230000
+ purchase 300000
- sale 190000
_______
cl wdv 340000
dep
300000 @ 7.5% = 22500
40000 @ 15% = 6000
total dep 28500
CMA RAVI GUPTA
(MT in VPL)
(493 Points)
Replied 11 August 2009
i am not agree with jatin bcon there is balance in that block of asset at the end of the financial year. so dep. will be provided remaining balance of old car with usual rate.
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