Dep in the year of sale
This query is : Resolved
CA Sarita Rathore
(Querist)
23 June 2014
there is only one asset in the block, the opening wdv is 290000/- and selling price is 200000/- then what would be the treatment.
Sandeep Dharar
(Expert)
23 June 2014
If the Company policy is to provide Depn. in the year of sale of Assets then u must Deduct upto sale Depn. from the WDV of the Asset. And if the company's policy is not to provide Depn. on sale year then the balance i.e, 90K is loss on sale of FA
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Rupesh Jain
(Expert)
24 June 2014
if you have no remaining assets after the sales then it consider as loss on sale of assets.
290000-200000= this is loss.
290000-200000= this is loss.
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CA Sarita Rathore
(Querist)
24 June 2014
and how to deal with that loss..
Sandeep Dharar
(Expert)
24 June 2014
Just show it in P&L account. But remember to exclude it at the time of filing ITR coz this is not treated as ur regular business income.
CA Sarita Rathore
(Querist)
24 June 2014
u mean we can't take benifit of that loss for income tax purpose
Sandeep Dharar
(Expert)
24 June 2014
Yes dear u can't take the benefit. Coz it is not ur business loss.
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