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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2015
Hello,
Entity being partnership firm has sold motor car for 40000 on 30/08/2014.block consists only one car. WDV as on 01/04/2014 is 48650. Please guide me how to deal with this
Entity being partnership firm has sold motor car for 40000 on 30/08/2014.block consists only one car. WDV as on 01/04/2014 is 48650. Please guide me how to deal with this
09 July 2015
You want the taxation effect or entry in the books of accounts ?
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2015
I want effects from sides
09 July 2015
It is a short term capital loss.
It can not be considered under Profits & Gains from Business or Profession. rather, you may claim as a 'Short Term Capital Loss' and claim in the same previous year itself.
It can not be considered under Profits & Gains from Business or Profession. rather, you may claim as a 'Short Term Capital Loss' and claim in the same previous year itself.
09 July 2015
On Accounting Entry part:-
Cash/ Bank A/c- Dr. 40,000
Loss on sale of asset -Dr 8,650
To. Motor Car 48,650
Cash/ Bank A/c- Dr. 40,000
Loss on sale of asset -Dr 8,650
To. Motor Car 48,650
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