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Depreciatoion on fixed assets

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 September 2014 Fixed assets purchased 4 -3 years ago and depreciation charged on fixed assets each financial year and now FY 13-14 the said assets has sold now what is its treatment in company and as per income tax in books of accounts and taxation purpose.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 October 2014 depends on the position viz-a-viz block of assets. refer section 50 of Income-tax Act, 1961

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