Sale of asset
This query is : Resolved
20 February 2016
wat is the treatment of profit or gain from sale of asset in books of a/c and income tax computation sheet.... plz reply...
asap
20 February 2016
Treatment of gain /loss on sale of assets in book of account is income / exp . but in income tax this is disallowed because I tax followed block of assets concept and block of asset automatically allowed loss by giving depreciation in future years. Moneys payable to be deducted from block.
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