How to show profit on sale of depriciable assets in itr 4
This query is : Resolved
25 August 2016
Dear Sir/MAdam
I am an individual and have sold some depriciable assets and had profit on it which is reflecting in my P/L account.
Also my block of that assets is still in existence.
Kindly help me how to show this profit in ITR4
I am an individual and have sold some depriciable assets and had profit on it which is reflecting in my P/L account.
Also my block of that assets is still in existence.
Kindly help me how to show this profit in ITR4
25 August 2016
Income Tax has Block System, If You Block value is More than Asset Sold the No Profit will be taxable and it will be deductable from your block only.
25 August 2016
That means I will not book any profit in my books and the entry for sale of said assets should be as under:
Bank acc. dr
to fixed assets acc. cr
Kindly clear my doubt.
Kindly
Bank acc. dr
to fixed assets acc. cr
Kindly clear my doubt.
Kindly
25 August 2016
Yes Exactly.
Provided That particular asset block value is more than sale value.
Provided That particular asset block value is more than sale value.
Message likes :
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26 August 2016
Thank you very much Ayushji for your valuable time and suggestion.
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