Loss on sale proceeds of fixed assets
This query is : Resolved
26 September 2016
Please suggest the bellow mentioned query in respect of IT ACT as well as accounting treatment.
1.The opening WDV of Plant & Machinery @15% Rs 359956/-
2. The sale proceeds of above assets Rs.158,000/-
1.The opening WDV of Plant & Machinery @15% Rs 359956/-
2. The sale proceeds of above assets Rs.158,000/-
27 September 2016
If balance of plant and machinery is exist but whole plant and machinery sold than balance should be treated as Short term capital loss
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