Assess the WDV of particular car from the gross block of 10 cars

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....ssess the WDV of particular car from the gross block of 10 cars<br> Query (Issue) Started By: - atul mittal Dated:- 30-5-2010 Last Reply Date:- 31-5-2010 Other Topics<br>Got 1 Reply<br>Indian Laws<br>....

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....if some one sell his one car from the gross block of 10 cars, what entry will be made. do we need to assess the WDV of particular car. if so,do we need to record the profit or loss in the sale of such....

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.... fixed asset.How Accumulated depreciation A/C should be treated? Reply By Dinesh Gupta: The Reply: The treatment for the purpose of Income Tax and for the purpose of companies act (in case of a compa....

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....ny) are different. For the purpose of Income Tax, there is no need to calculate individual w.d.v. of the the car that is sold. The sale price of the sold car is reduced from the gross block and deprec....

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....iation is calculated on the remaining w.d.v. Further, there is no impact of sale of depreciable asset on the accumulated depreciation.<br> Discussion Forum - Knowledge Sharing ....