Easy Office
Easy Office

Dep in the year of sale

This query is : Resolved 
Profile Image

Profile Image

(Querist)
23 June 2014 there is only one asset in the block, the opening wdv is 290000/- and selling price is 200000/- then what would be the treatment.
Profile Image

Sandeep Dharar

Profile Image

Sandeep Dharar (Expert)
23 June 2014 If the Company policy is to provide Depn. in the year of sale of Assets then u must Deduct upto sale Depn. from the WDV of the Asset. And if the company's policy is not to provide Depn. on sale year then the balance i.e, 90K is loss on sale of FA
Profile Image

Rupesh Jain

Profile Image

Rupesh Jain (Expert)
24 June 2014 if you have no remaining assets after the sales then it consider as loss on sale of assets.

290000-200000= this is loss.
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

CA Sarita Rathore

Profile Image

CA Sarita Rathore (Querist)
24 June 2014 and how to deal with that loss..
Profile Image

Sandeep Dharar

Profile Image

Sandeep Dharar (Expert)
24 June 2014 Just show it in P&L account. But remember to exclude it at the time of filing ITR coz this is not treated as ur regular business income.
Profile Image

CA Sarita Rathore

Profile Image

CA Sarita Rathore (Querist)
24 June 2014 u mean we can't take benifit of that loss for income tax purpose
Profile Image

Sandeep Dharar

Profile Image

Sandeep Dharar (Expert)
24 June 2014 Yes dear u can't take the benefit. Coz it is not ur business loss.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links