LOSS OF SALE OF DEPRECIABLE ASSETS

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Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2010 WHETHER LOSS ON SALE OF DEPRECIABLE ASSETS (BLOCK CEASED TO EXIST AFTER SALE)IS TOBE SHOWN UNDER THE HEAD INCOME FROM CAPITAL GAIN AND IF YES WHETHER THE SAME CAN BE ADJUSTED AGAINST THE BUSINESS INCOME IN THE SAME ASST. YR. WHERE TO SHOW THE ABOVE LOSS IN CURRENT YR. ITR -6 FORM?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 September 2010 To be shown in
Schedule DPM-Depreciation on Plant and Machinery
16 "Capital gains/ loss under section 50* (5 + 8 -3-4 -7 -15) (enter negative only if block ceases to exist)"

and in
Schedule CG - Capital Gains
A) Short-term capital gain
4) Deemed short capital gain on depreciable assets (6 of Schedule-DCG)
Loss from ST cannot be adjusted against income from business.