A machine owned by AB & Co. was transferred to XYZ & Co. on 1st January 2021 for â‚¹ 5 lakh of which actual cost and WDV was of â‚¹ 3 lakh and 2 lakh respectively. However, the fair market value on the date of transfer of the machine was â‚¹ 4 lakh. XYZ & Co. will be allowed depreciation on such machine by taking value thereof at â‚¹â€¦

Question:A machine owned by AB & Co. was transferred to XYZ & Co. on 1st January 2021 for â‚¹ 5 lakh of which actual cost and WDV was of â‚¹ 3 lakh and 2 lakh respectively. However, the fair market value on the date of transfer of the machine was â‚¹ 4 lakh. XYZ & Co. will be allowed depreciation on such machine by taking value thereof at â‚¹â€¦

1.5 Iakh

2. 2 iakh

3. 3 lakh

4. 4lakh

Posted by R4R Team

A machine owned by AB & Co. was transferred to XYZ & Co. on 1st January 2021 for â‚¹ 5 lakh of which actual cost and WDV was of â‚¹ 3 lakh and 2 lakh respectively. However, the fair market value on the date of transfer of the machine was â‚¹ 4 lakh. XYZ & Co. will be allowed depreciation on such machine by taking value thereof at â‚¹â€¦

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