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Tax treatment -profit on sale of asset
what is the tax treatment for profit on sale of assets which is depreciable and not a case of capital gains?
Replies (3)
Could not understand- depreciable asset and not a case of capital gain. Please elaborate.....
taxability of profit on sale of asset for which block still exist as per income tax and there are other assets also there fore section 50 will not arise.
my query is what about the profit on sale of such fixed asset whether it is taxable or not?
my query is what about the profit on sale of such fixed asset whether it is taxable or not?
Immediately No tax effect . . . The sale price will simply reduce the WDV of block so the depreciation. While making the computation, reduce the profit on sale of assets from Profit as per P&L account as Income considered under other heads of income. Since the WDV still exist no capital gain arise. In case of capital gain, the profit will replace with capital gains in the computation of income.
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