sale of fixed assets
This query is : Resolved
01 May 2009
the profit or loss on sale of fixed assets will be treated as reveneue or capital gain or loss??pls refer any guidnce note accntng standard is there..
01 May 2009
If depreciation is claimed on the fixed assets, section 50 of The income tax Act,1961 applies and accordingly the difference will be short term capital gain/loss.
Ankur Garg
(Expert)
03 May 2009
Agree
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