depriciation chart
This query is : Open
04 May 2011
when i prepared balancesheet of pvt ltd company then i prepared deprication chart according to income tax act and according to company act and company sold a individual asset (not in block)and according to incometax act when i shown it in depriciation chart its selling value is more that its w.d.v but according to company act there is no profit no loss then whether should i ignore this asset according to incometax depriciation chart
05 May 2011
there would be a short term capital gain, If sale consideration of sold asset is more than the WDV of the related block in IT dep chart.
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