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Sale Of Fixed Assets and its Treatment

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(Querist)
12 September 2022 I have 2 cars in my assets first one is Maruti having WDV of Rs. 315830 and and second one is TATA having WDV of Rs. 531128. In current year i have sold my TATA car in January month and received sales consideration of Rs. 487434.
What's the proper treatment in this case in books of accounts and in income tax.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 September 2022 In the books of accounts treat the difference as loss on sale of assets.
Under income tax credit sale value to the block of assets.

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