Sale of Fixed Asset Query
This query is : Resolved
13 July 2021
A partneship firm sell one of its depreciable asset for 1 lakhs. WDV of the fixed asset is 25,000. Profit 75,000. Opening wdv of the block is Rs 10 lakhs.
There is no short term capital gain as per sction 50.
Query is 1) whether Rs 75,000 profit to be shown in P&L and tax to be paid 2) Or Should the profit be adjusted with the block of asset by deducting the entire sale cosnideration from the wdv
There is no short term capital gain as per sction 50.
Query is 1) whether Rs 75,000 profit to be shown in P&L and tax to be paid 2) Or Should the profit be adjusted with the block of asset by deducting the entire sale cosnideration from the wdv
13 July 2021
Credit entire sale condonation to the block of assets.
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