we having propritorship & pvt co. we sold few vehicles from propritor co & invested in pur of land. how we can adjust in pvt co. is there any calculation of gain or loss against sale of assets. like book value say 50000/- and sold in 60000/- also suggest can we invest same amt in pur of land in pvt co
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sale of asset & invest in land
Replies (1)
for IT purposes. It would depend on the block value. If all the cars in the block were sold and there is nothing left in that block then you will have to calculate the profit/loss from the sale and book the same in your books. You can invest/use the proceeds anywhere. Capital gain exemptions are available only on sale of land, building and not other fixed assets.
Any other opinion invited.
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