Accounting Treatment & Capital Gain
This query is : Open
21 June 2010
There are two person i.e. Mr. X and Mr. Y. both having only one Machine each as Fixed Assets. The value of Machine belonging to Mr. A on 1.4.09 was Rs. 100000/- & that of Mr. B was Rs. 70000/- at the same date. On 1.10.2009, they have decided to exchange their machine to each other.There is no other consideration.
Now,what will be appropriate accounting treatment for the above transaction in the books of Mr. A & Mr.B.????(Is their any "AS" prescribed for the same)
Further, is their any capital Gain/loss as per provisions of Section 50 of IT Act,1961 ???
Now,what will be appropriate accounting treatment for the above transaction in the books of Mr. A & Mr.B.????(Is their any "AS" prescribed for the same)
Further, is their any capital Gain/loss as per provisions of Section 50 of IT Act,1961 ???
23 June 2010
if the machines are held as business assets and depriciation is being provided than there would be no gain because the block of assets remain in the books.
machine is also not a capital assets hence there would be no capital gain as well as capital loss.
machine is also not a capital assets hence there would be no capital gain as well as capital loss.
24 June 2010
At which value "A" should record the new machine in his books ?????
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?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
