SALE OF FIXED ASSETS
This query is : Resolved
26 March 2009
My Business is of car Rental
I have sold one Car amounting to Rs. 200000.00 along with depreciation as on 31-10-2008 for Rs. 325000.00
Rs. 125000.00 where should i show at the time of making Computation
I have sold one Car amounting to Rs. 200000.00 along with depreciation as on 31-10-2008 for Rs. 325000.00
Rs. 125000.00 where should i show at the time of making Computation
27 March 2009
Now after the introduction of Block concept you should consider the whole block credit the proceeds to the block. If balance remains in that blcok after the sale amount is recorded on balance you can continue to get depn if there are some other cars.
If in your case this is only one car and the block of assets will be nil after this transacton then rs.1.25 lakhs will be short term capital gain.
Now after the introduction of Block concept you should consider the whole block credit the proceeds to the block. If balance remains in that blcok after the sale amount is recorded on balance you can continue to get depn if there are some other cars.
If in your case this is only one car and the block of assets will be nil after this transacton then rs.1.25 lakhs will be short term capital gain.
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