loss on sale of fixed assets in a block
This query is : Resolved
22 September 2010
A person has fixed assets in block of 15%:
WDV Rs. 302086
Additions during the year Rs. 309210
One of the assets sold during the year having WDV RS. 203500, sold for RS. 126490.
The person has charged the loss of Rs. 77010 to the P&L Account.
I think this is not loss and it should be added back to profit.
Further, the amount of sale (126490.00) should be shown as deduction from the block.
No capital loss is there as the block exists because of some other fixed assets and a new fixed asset in the same block.
Am I right??
If not, plz tell me the correct treatment.
Thanx
WDV Rs. 302086
Additions during the year Rs. 309210
One of the assets sold during the year having WDV RS. 203500, sold for RS. 126490.
The person has charged the loss of Rs. 77010 to the P&L Account.
I think this is not loss and it should be added back to profit.
Further, the amount of sale (126490.00) should be shown as deduction from the block.
No capital loss is there as the block exists because of some other fixed assets and a new fixed asset in the same block.
Am I right??
If not, plz tell me the correct treatment.
Thanx
22 September 2010
YOU ARE RIGHT IN THE LINE OF INCOME TAX ACT BUT LOSS OR PROFIT MAY ARISE IN THE LINE OF COMPANY ACT
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Specified Profession
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Agriculture income or business income
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
