capital gain

reena (CA)     27 June 2019

 3 likes  104 points

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suppose there is a block of assets of a company with two location branch in Delhi n Mumbai

companies act wdv
furniture - Mumbai 90 lac plus Delhi 1 cr total 1.9
machinery - mum 50 l plus Delhi 2 total 2.5 cr

income tax block of Delhi n mumbai
furniture - 2 cr
machinery - 3 cr

now a buyer buys the block for a lump sum amount say 1.2 cr all assets of Mumbai

in income tax there would be no capital
gain-ok if we consider there are still
remaining assets in the block

what entries to be passed in books of mumbai
where wdv as per companies act is 90 plus 50 equals 1.40cr
but sale proceed is 1.2cr

what entry to be passed in books of mumbai

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