Sale Of Fixed Assets and its Treatment
This query is : Resolved
Anil Sharma
(Querist)
12 September 2022
I have 2 cars in my assets first one is Maruti having WDV of Rs. 315830 and and second one is TATA having WDV of Rs. 531128. In current year i have sold my TATA car in January month and received sales consideration of Rs. 487434.
What's the proper treatment in this case in books of accounts and in income tax.
What's the proper treatment in this case in books of accounts and in income tax.
CA R SEETHARAMAN
(Expert)
12 September 2022
In the books of accounts treat the difference as loss on sale of assets.
Under income tax credit sale value to the block of assets.
Under income tax credit sale value to the block of assets.
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