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Q. > Please Help: How to Show the profit on sale of Fixed Assets in ITR 4
An individual has a block of assets whose written down value is Rs. 25 lacs. From the block of Assets 1 asset is sold for Rs 5 lacs whose written down value is 2 lacs. The block of asset is existing at the end of the financial year.
Opening WDV 25
Less : Sale consideration 5
20
Under IT act NO capital gain will arise as block of asset is existind at the end of the FY.
The question is how to show the profit of Rs 3 lacs (5lacs – 2 lacs) while filling ITR 4.
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SUBHASH KUMAR JHA
13-Jul-2013 , 11:50:58 amThis profit of Rs.2,00,000 will be shown in itr 4 -sheet# part pl - other income - profit on sale of fixed assets This will not be subjest to capital gain but will be char5geble to tax under pgbp