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Loss on sale of fixed asset. 11111
One of my client have income from trading and income from truck (Proprietor). Accounts of trading are maintained like trading and profit and loss account and balance sheet. But no accounts are maintained of trucks and in ITR income from truck is shown under Sec 44AE. Due to non maintenance of accounts of truck depreciation has not been charged on truck. Now in current financial year my client has sold all of his trucks and due to no depreciation charged in previous years loss have arised in selling of trucks. Now my query is that where this loss should be show whether in profit and loss account or in capital account.
Replies (12)
As per this 👇
(Due to non maintenance of accounts of truck depreciation has not been charged on truck.)
Then How it's possible to show the loss in the PandL...
But, You can less the value in Your income of Truck in case it is available.
(Due to non maintenance of accounts of truck depreciation has not been charged on truck.)
Then How it's possible to show the loss in the PandL...
But, You can less the value in Your income of Truck in case it is available.
Sir can you please share your mobile number
Did you claim depreciation in ITR?
Loss has to be charged to profit loss
Adequate disclosure to be given as capital loss
Adequate disclosure to be given as capital loss
No depreciation has been claimed in ITR
Depreciation can be waived there is a clause where no profits had been arrived at the same has to be
Interesting scenarion. If depreciation claimed in ITR5 then why would a loss arise?
Friends please read my query no depreciation has been charged from day 1 of purchasing of truck. Only income that is arise from truck has been declared in ITR u/s 44AE, and this income is added in capital account of proprietor. Now truck has been sold in current FY and loss has been arrived on sold of truck. So please help me that where this loss i have to mention in accounts whether in Profit and Loss account or less this loss from proprietor capital.
Loss on sale of fixed asset
Adei, Kammanaatti Naaye....
அடேய் கம்மனாட்டி நாயே.... @ Sabyasachi Mukherjee...
அடேய் கம்மனாட்டி நாயே.... @ Sabyasachi Mukherjee...
I got you query Mr. Khalid, Im just wondering, if we can file ITR without dep under section 32. I think anyone can file because its their wish. your presemtive scheme right? Ive read it just now. So deductions due to u/s 80c wont reduce truck value and sold at an arms length transaction. Therefore, loss goes to p&l
Ok Thanks
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