I got a gift (Car) from shopper stop, i paid Rs.125000 as a cost of car and Rs.25000 as a Gift Tax. My query is whether i should charge depreciation on Rs.125000 or Rs.150000.
Plz Urgent,
Thanks in advance
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Gift Tax
Replies (1)
Depriciation should be charged on 150000 only ..... Gift tax paid should be added to the cost of the car .
Regards
Madhusudan Kabra
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