what should be the accounting treatement for profit on sale of asset in the block of assets. Should it be carried forward? Or should it be charged to Profit and loss account?
Joe 13 (CA Job) (56 Points)
27 June 2008what should be the accounting treatement for profit on sale of asset in the block of assets. Should it be carried forward? Or should it be charged to Profit and loss account?
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 27 June 2008
Are you asking with reference to books of account or incometax statement?
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 27 June 2008
IN THE BLOCK OF ASSEETS SOLD & THERE IS A PROFIT THEN IT IS SHORT TERM CAPITAL GAIN CHARGED TO TAX AS INCOME IF WHOLE BLOCK IS CEASED OTHERWISE RDUCED THE AMOUNT FROM THE BLOCK
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