How to show profit on sale of depriciable assets in itr 4
This query is : Resolved
25 August 2016
Dear Sir/MAdam
I am an individual and have sold some depriciable assets and had profit on it which is reflecting in my P/L account.
Also my block of that assets is still in existence.
Kindly help me how to show this profit in ITR4
I am an individual and have sold some depriciable assets and had profit on it which is reflecting in my P/L account.
Also my block of that assets is still in existence.
Kindly help me how to show this profit in ITR4
25 August 2016
Income Tax has Block System, If You Block value is More than Asset Sold the No Profit will be taxable and it will be deductable from your block only.
25 August 2016
That means I will not book any profit in my books and the entry for sale of said assets should be as under:
Bank acc. dr
to fixed assets acc. cr
Kindly clear my doubt.
Kindly
Bank acc. dr
to fixed assets acc. cr
Kindly clear my doubt.
Kindly
25 August 2016
Yes Exactly.
Provided That particular asset block value is more than sale value.
Provided That particular asset block value is more than sale value.
Message likes :
1 times
26 August 2016
Thank you very much Ayushji for your valuable time and suggestion.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
