About disallowance of profit on sale of asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2014
In a block of assets an asset is sold for Rs.2000 whose WDV is Rs.1000 and the block was still existed and profit of Rs.1000 is recognised in P&L. should we less profit of Rs.1000 in computation statement?
30 September 2014
iF BLOCK OF ASSET STILL EXISTS THEN THERE IS NO CAPITAL GAIN U/S 50.AND GAIN ON SALE OF ASSET AS PER BOOK IS CAPITAL RECEIPT AND NOT BUSINESS INCOME SO YOU HAVE DEDUCT WHILE COMPUTATION OF INCOME
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Sale of property furniture sale
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
