sale of assets
This query is : Resolved
03 July 2009
IN PVT. LTD. CO. AN ASSET HAS BEEN SOLD FOR RS. 120000/- ON 20-02-2009 WHICH HAD A W.D.V. ON 01-04-2008 IS RS. 140000/- THE TOTAL LOSS IS RS. 20000/- CAN YOU PLEASE TELL ME AM I RIGHT OR WRONG ON THIS ISSUE, I HAVE SHOWN LOSS ON SALE OF ASSET IS RS. 20000/- IN PORFIT & LOSS ACCOUNT. PVT. LTD. COMPANY FILLING HIS INCOME TAX RETURN. WHAT SHOULD IT MENTION IN THE RETURN IN THE CAPITAL/GAIN LOSS COLUMN IN THE RETURN SHOULD COMPANY MENTION RS. 20000/- IN THE SAID COLUMN OR CAN IT BE CARRIED OVER FOR THE SUBSEQUENT PERIOD ?
03 July 2009
IF THERE IS NO ANY OTHER ASSET IN SAME BLOCK THE TREATMENT GIVEN BY YOU IS CORRECT FROM INCOME TAX POINT OF VIEW.
FOR PROFIT AND LOSS ACCOUNT YOU HAVE TO CONSIDER WDV AS PER COMPANIES ACT.
FOR PROFIT AND LOSS ACCOUNT YOU HAVE TO CONSIDER WDV AS PER COMPANIES 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
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- Form 121-contradictory opinions
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
