banner_ad

Scrap value assets

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
04 June 2013 Dear Sir,
we have one scrap machinery for the period 12-13 for rs.563814 my question is how to treat the scrap value assets in a/cs (as per IT also)
Profile Image

Rupesh Jain

Profile Image

Rupesh Jain (Expert)
13 June 2013 bank a/c
to assets a/c
and in income tax block of assets will reduce from sale proceeds
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
14 June 2013 Respected rupesh jain sir
sry Iam not satisfied with your answer becaz that machinery was scraped and why we dr to bank
can we show it as expenditure like loss by scrap dr to asset a/c
Profile Image

Rupesh Jain

Profile Image

Rupesh Jain (Expert)
14 June 2013 r/sir

you scrap the machine but you have to sold it then you make entry of sale/reduce from books
otherwise you may carry machinery value in books. till you not sold it.
when you sold it then make above entry.
and reduce sale proceeds from bolck of assets .

if no other assets in this block of assets then it will taxable under capital gain head it may
short term capital gain/loss depend on sale price of assets
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details