Section 50-fixed asset-->building ceases to exist
This query is : Open
22 September 2026
assessee is partnership firm following wdv depreciation method. (same like income tax return)
there are 3 offices having wdv 35 lakhs.
one office is sold for 90 lakhs
closing wdv cant be negative in books,
my q--> should i make wdv nil in books also in bal sheet? inspite of 2 existing offices, how can bal sheet have no fixed asset?
my view--> prof loss will have book gain of 55 lakhs .
but how to show 2 offices in bal sheet ? the whole building block becomes nil in value..so cant show exisitng 2 offices also in bal sheet right?
little confused,
regards, ca kunjan, 9222 922 92
there are 3 offices having wdv 35 lakhs.
one office is sold for 90 lakhs
closing wdv cant be negative in books,
my q--> should i make wdv nil in books also in bal sheet? inspite of 2 existing offices, how can bal sheet have no fixed asset?
my view--> prof loss will have book gain of 55 lakhs .
but how to show 2 offices in bal sheet ? the whole building block becomes nil in value..so cant show exisitng 2 offices also in bal sheet right?
little confused,
regards, ca kunjan, 9222 922 92
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