Hi all,
On sale of fixed assets, there is a loss as per Companies Act. And I have continued the asset in the block as per IT Act. My query is whether we can claim the loss on sale of asset as per Companies Act while calculating business income as per IT Act i.e., under PGBP
Thanks in advance
Hi pavithra,
Income Tax Act prescribes block method, Sale price is deducted from WDV.
In which case, even if there is loss, if block exist we'l continue to provide depreciation for next years.
I think we cant avail both depreciation and allowability of loss on asset at same time.
Hi pavithra,
Income Tax Act prescribes block method, Sale price is deducted from WDV.
In which case, even if there is loss, if block exist we'l continue to provide depreciation for next years.
I think we cant avail both depreciation and allowability of loss on asset at same time.
Capital loss can be claimed only if there is no asset in block
CAclubindia
