Sale of asset
This query is : Resolved
31 May 2012
if one of the asset is sold from block of asset then what is the treatment for IT purpose & how it should be disclosed in FA shedule?????
31 May 2012
the sales value of the particular asset will be deducted from the total block of the assets and depn will be charged for the rest of the value if the sales is out of the opening balance of the related block. in FA sch as per IT act,the sales value will be displayed under deduction column.
31 May 2012
and what about profit on sale of FA?
31 May 2012
profit for sale of asset is already booked under companies act and while computation of IT it is sepratley mentioned. when sale value will exceed the block value or ceases to exist then the difference in figure will resulted to profit and eligible for STCG, else normal depn after sale will be applicable.
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