Income Tax Return

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CA SONI KRUNAL (Querist)
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13 September 2010 One of our client A PVT LTD CO has a profit on sale of machineries in Books , but the Block is exist after selloing of that machine, please suggest me how should i incorporate this transaction in ITR -6 ,IN OTHER INCOME OR WHERE?

What is the situation if it has a loss?

How the statement of total income is prepared in this case as this is not a capital gain should i treat it as business income?

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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13 September 2010 See.. In income tax there is no loss or profit on sale of machinery, if the block exists.

Simply, Sale proceeds is to be deducted from the block.

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