How to show the profit on fixed assets in itr 4
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2013
An individual has a block of assets whose written down value is Rs. 25 lacs. From the block of Assets 1 asset is sold for Rs 5 lacs whose written down value is 2 lacs. The block of asset is existing at the end of the financial year.
Opening WDV 25
Less : Sale consideration 5
20
Under IT act NO capital gain will arise as block of asset is existind at the end of the FY.
The question is how to show the profit of Rs 3 lacs (5lacs – 2 lacs) while filling ITR 4.
Opening WDV 25
Less : Sale consideration 5
20
Under IT act NO capital gain will arise as block of asset is existind at the end of the FY.
The question is how to show the profit of Rs 3 lacs (5lacs – 2 lacs) while filling ITR 4.
12 July 2013
Assuming Profit on sale of Asset has been shown in the P& L A/c-
.
In computation start from NP as per P&L A/c and deduct such profit from NP.
.
Also make adjustment for Depreciation claimed and allowable as per IT.
.
In ITR you have to fill up PART-A- P&L on the basis of Original P&L A/c of the assessee.
.
In Schedule BP -Start with NP.
.
In Item No 30- Any other amount allowable as deduction - you can show the amount of profit on sale of assset.
.
.
In computation start from NP as per P&L A/c and deduct such profit from NP.
.
Also make adjustment for Depreciation claimed and allowable as per IT.
.
In ITR you have to fill up PART-A- P&L on the basis of Original P&L A/c of the assessee.
.
In Schedule BP -Start with NP.
.
In Item No 30- Any other amount allowable as deduction - you can show the amount of profit on sale of assset.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Management System (IMS)
- EPF FULL & FINAL RULES IN 2026
- Experts need help
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
