BLOCK OF ASSETS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 May 2011
if co. is follow block of assts method.
and in block there are 2 asstes, now if co. is sold 1 asstes .
1 selling price of asst is deduct from block ?
or 2. any profit is shown in p&l a/c. if block is still exist.
and in block there are 2 asstes, now if co. is sold 1 asstes .
1 selling price of asst is deduct from block ?
or 2. any profit is shown in p&l a/c. if block is still exist.
CA Ravi Sisodia
(Expert)
19 May 2011
under income tax - selling price of assets should deduct from block.
loss/profit is shown in p&l a/c if sale price is exceed from value of block.
loss/profit is shown in p&l a/c if sale price is exceed from value of block.
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