Computer sold

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2016 Hi Expert,

I m working in a co. we had bought a Laptop of Rs. 70000 in Aug 20, 2015 for our employee.

on 31st March 2016 the employee who is using it left the co and the he did not return it. afterwards he was agree to deduct 50000 from his full and final salary. now my question is '....How we treat it in FAR as per income tax act and is there any tax treatment is there if yes pls clarify.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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30 July 2016 For your kind information there is no fixed assets register in Income tax. Income Tax follows only a block of assets method. You need to deduct sale proceeds of the laptop from opening WDV of the plant & machinery (data processing equipment). If entire assets under this block exhausted, refer section 50 of the Income Tax Act, 1961 for computation of capital gains.