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Sale of asset

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(Querist)
31 May 2012 if one of the asset is sold from block of asset then what is the treatment for IT purpose & how it should be disclosed in FA shedule?????
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VISHAL KUMAR SHAW

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VISHAL KUMAR SHAW (Expert)
31 May 2012 the sales value of the particular asset will be deducted from the total block of the assets and depn will be charged for the rest of the value if the sales is out of the opening balance of the related block. in FA sch as per IT act,the sales value will be displayed under deduction column.
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CA Milind Kale.

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CA Milind Kale. (Querist)
31 May 2012 and what about profit on sale of FA?
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VISHAL KUMAR SHAW

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VISHAL KUMAR SHAW (Expert)
31 May 2012 profit for sale of asset is already booked under companies act and while computation of IT it is sepratley mentioned. when sale value will exceed the block value or ceases to exist then the difference in figure will resulted to profit and eligible for STCG, else normal depn after sale will be applicable.
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