Profits & gains of business / profession
This query is : Resolved
08 May 2013
My client is individual having business income. He had one car of rs. 2,66,000/-, in fixed assets. during this year he sold that car for Rs.2,00,000/- and purchased a new car for Rs. 12,00,000/-. Remaining balance of old Car Rs.66,000/- can be treat as loss on sale of old car or can be treat the balance of block Rs.12,66,000/-. If we recognize loss on sale of old car under which section it shows?
Please reply as early as possible
Please reply as early as possible
08 May 2013
Capital gain or capital loss arises only in case the entire assets from the block have been sold. ie if block represent nil value at year end.
While in your case the asset is present at the closing of the year. Hence Rs 66000 will be adjusted in the value of block and thus the new block value will be Rs 1266000/-.
While in your case the asset is present at the closing of the year. Hence Rs 66000 will be adjusted in the value of block and thus the new block value will be Rs 1266000/-.
08 May 2013
Agreed with Mr. Pankaj Guptas Comment
23 June 2013
I agree with the expert Pankaj
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
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- ITR validation error - Balance sheet is not filled
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
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
