Sale of FA
This query is : Resolved
15 June 2009
My company has sold some its fixed assets during the F Y 2008 - 09. On certain assets there is a profit and on certain assets there is a loss. The sale has happened on 30.09.2008. How is to be reflected in the I.Tax computation ?
15 June 2009
The Block of Assets method is always used in case of Fixed Assets. In this case all fixed assets of same nature and same prescribed rate of depreciation are put together and any addition and deletion is given effect from this block. Any profit or loss from sale of asset should be routed through Profit and Loss Account.
Accordingly the Net Income will be calculated.
Accordingly the Net Income will be calculated.
15 June 2009
If the block of assets as mentioned above is still positive and there are some assets left there will not be any capital gains for the purpose of Income Tax.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
