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Sale of Fixed Asset

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(Querist)
20 August 2010 Hello,

Is Profit/Loss on Sale of Fixed Asset a allowable expenses under Income Tax Act?

Please answer this as soon as possible...

URGENT!!!

Thanks in Advance
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
20 August 2010 profit / loss on sale of asset is treated as short term capital gain as per provisions of Section 50.

Read that section in case of doubt.
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
20 August 2010 If you are asking about "loss on sale of asset", yes, its an allowed expense in IT act.
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Vishal Kothari P

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Vishal Kothari P (Querist)
20 August 2010 Thanks u....
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
20 August 2010 Dear Subhash
Under which section is loss on sale of asset allowable under Income Tax Act?

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