Sale of Fixed Asset
This query is : Resolved
Vishal Kothari P
(Querist)
20 August 2010
Hello,
Is Profit/Loss on Sale of Fixed Asset a allowable expenses under Income Tax Act?
Please answer this as soon as possible...
URGENT!!!
Thanks in Advance
Is Profit/Loss on Sale of Fixed Asset a allowable expenses under Income Tax Act?
Please answer this as soon as possible...
URGENT!!!
Thanks in Advance
Aditya Maheshwari
(Expert)
20 August 2010
profit / loss on sale of asset is treated as short term capital gain as per provisions of Section 50.
Read that section in case of doubt.
Read that section in case of doubt.
20 August 2010
If you are asking about "loss on sale of asset", yes, its an allowed expense in IT act.
Vishal Kothari P
(Querist)
20 August 2010
Thanks u....
Aditya Maheshwari
(Expert)
20 August 2010
Dear Subhash
Under which section is loss on sale of asset allowable under Income Tax Act?
Under which section is loss on sale of asset allowable under Income Tax Act?
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