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INCOME TAX QUERY

This query is : Resolved 
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(Querist)
26 August 2008 1)A Public limited Co. has earned a profit of Rs.20 crore on sale of its various fixed assets( mainly land and building). How can the same be accounted for? Can it be transferred to Capital reserve? Are there any provisions regarding such transfer


2)Please let me know that if a trust wishes to donate some goods out of India(not money), then what kind of permission it needs to take.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
02 April 2012 1. If the sale consideration exceeds the WDV + acquisition during the year, then the resulting amount shall be taxable as short term capital gain.

2. If the sale consideration falls short of the WDV + acquisition during the year and the block continues to exist, normal depreciation shall be allowed on the balance amount.
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