whether loss on sale of asset chargeable to IT act or not ?
If it is chargeable under which head and undre which section ?
Its urgent thanks in advance.
Mohammad Afroz Ahmed
(Article student)
(51 Points)
Replied 24 September 2009
Under the head capital gains. see section 45 to 54
CA Manish K Dhoot
(CA, B. Com, NCFM, CPCM)
(5015 Points)
Replied 24 September 2009
loss on sale of asset is called Short term or long term capital loss.
If asset is depreciable and there is no asset in block then it is short term capital loss.
if asset is not depreciable then if period of holding is more than 36 months then it is long term other wise it is short term.
Capital loss can be set off.
CA Akshey Kumar
(Practice)
(232 Points)
Replied 24 September 2009
I am not agreeing with the above suggestions because as per income tax act
Loss on sale of Fixed assets(If any) should be chargeable under head PGBP, not Capital gain
CA Manish K Dhoot
(CA, B. Com, NCFM, CPCM)
(5015 Points)
Replied 24 September 2009
No Akshey, u r not correct
loss of fixed asset is charged to P/L A/c in accounts and not in tax
under income tax it is charged under capital gain.
CA Akshey Kumar
(Practice)
(232 Points)
Replied 24 September 2009
manish if ur block is no longer and there is loss on sale of assets u should charge this under head PGBP
Anup rathi
(CA FINAL)
(268 Points)
Replied 24 September 2009
it is chargeable under capital gains n ya u can get set off for the loss from ur capital gains
CA Manish K Dhoot
(CA, B. Com, NCFM, CPCM)
(5015 Points)
Replied 24 September 2009
if block of asset is no longer exist then capital gain or loss arise nd charged under capital gain
| Originally posted by :M @ n!$h | ||
| " | loss on sale of asset is called Short term or long term capital loss. If asset is depreciable and there is no asset in block then it is short term capital loss. if asset is not depreciable then if period of holding is more than 36 months then it is long term other wise it is short term. Capital loss can be set off. |
"
|
agree
varun sharma
( CA Final , M.Com)
(87 Points)
Replied 24 September 2009
i agree with akshay to some extent. if block of assets is nil then it will be regarded as short term or long term cap loss/profit depending upon the case. but if block exists then we have to charge in p&l under head pgbp whether therer is loss or profit on sale as a business loss.
CA Manish K Dhoot
(CA, B. Com, NCFM, CPCM)
(5015 Points)
Replied 24 September 2009
if block exist nd then there will be no capital loss. the amount of sale price will be reduced from WDV nd any balance remaining will be eligible for depreciation
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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