sale of assets

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amar preet singh (Querist)
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03 July 2009 IN PVT. LTD. CO. AN ASSET HAS BEEN SOLD FOR RS. 120000/- ON 20-02-2009 WHICH HAD A W.D.V. ON 01-04-2008 IS RS. 140000/- THE TOTAL LOSS IS RS. 20000/- CAN YOU PLEASE TELL ME AM I RIGHT OR WRONG ON THIS ISSUE, I HAVE SHOWN LOSS ON SALE OF ASSET IS RS. 20000/- IN PORFIT & LOSS ACCOUNT. PVT. LTD. COMPANY FILLING HIS INCOME TAX RETURN. WHAT SHOULD IT MENTION IN THE RETURN IN THE CAPITAL/GAIN LOSS COLUMN IN THE RETURN SHOULD COMPANY MENTION RS. 20000/- IN THE SAID COLUMN OR CAN IT BE CARRIED OVER FOR THE SUBSEQUENT PERIOD ?

Abhijeet Vasant Lande.

Abhijeet Vasant Lande. (Expert)
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03 July 2009 IF THERE IS NO ANY OTHER ASSET IN SAME BLOCK THE TREATMENT GIVEN BY YOU IS CORRECT FROM INCOME TAX POINT OF VIEW.
FOR PROFIT AND LOSS ACCOUNT YOU HAVE TO CONSIDER WDV AS PER COMPANIES ACT.