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Loss on sale of fixed assets
let's I purchase a asset for rs 100 on 01_04__2013 and depreciated @ 10% as on 31_03_2014.on 1st April I sold the asset for rs.10.now I booked loss on fixed assets rs.80/-in company books. now I can also claim dep. on rs.80 as per IT act. is not this double benefit.
Replies (3)
I think depreciation would be claimed in the year 13-14. And loss in next year.
I think depreciation would be claimed in the year 13-14. And loss in next year.
But I can claim depreciation also in future years on rs80. Since I have to only deduct rs.10 from block of assets.
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