Sale of fixed asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2011
It is Profit on sale of Fixed assest to be shown seperately, if yes please give me relevant reference.
06 September 2011
Hi,
As you are aware that sale proceeds of fixed assets is reduced from the relevant net block of the assets.If the sale proceeds amount is in excess of net block of assets, it is treated as short term capital gain and will be taxable accordingly. Due to this while calculating business income, profit on sale of assets is deducted from net profit.
Rgds,
Ramesh
As you are aware that sale proceeds of fixed assets is reduced from the relevant net block of the assets.If the sale proceeds amount is in excess of net block of assets, it is treated as short term capital gain and will be taxable accordingly. Due to this while calculating business income, profit on sale of assets is deducted from net profit.
Rgds,
Ramesh
06 September 2011
Should Show as STCG in Income Tax act.
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