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Profit on sale of assets
its urgent please tell me... if a company sold its asset then what is treatment of profit as per companies act.. at time of filling the return
Replies (3)
Depreciable asset means taxed under PGBP
profit will be shown in p&l account.....and in IT computation profit on sale of aseet will be reduced from income if block of such asset still exit.....if whole block of asset is comes to end then profit will be considered as short term capital gain if it is depreciable asset
Thanks so much both of you
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