Please Help: INCOME TAX
Posted Date : 25-Nov-2013 , 04:50:12 pm | Posted By SAMIKSHA SHARMA
what is treatment of profit on sale of fixed assets in ITR-6
Category : Income Tax | Answers : 1 | Comments : 1 | Hits : 77
Answers
Answer By: SUBHASH KUMAR JHA
nothing
to calculate depreciation it will be reduced from the opening WDV plus Addition during the year (provided all the assets in the relevant block has not been sold and sale value is less than opening WDV plus Addition)
if all the assets in block has been sold then balancing figure will be either capital gain or capital loss.
if sale value is more than opening WDV plus Addition then balancing figure will be capital gain.
to calculate depreciation it will be reduced from the opening WDV plus Addition during the year (provided all the assets in the relevant block has not been sold and sale value is less than opening WDV plus Addition)
if all the assets in block has been sold then balancing figure will be either capital gain or capital loss.
if sale value is more than opening WDV plus Addition then balancing figure will be capital gain.
Comments
SUBHASH KUMAR JHA
07-Dec-2013 , 11:16:42 amnothing to calculate depreciation it will be reduced from the opening WDV plus Addition during the year (provided all the assets in the relevant block has not been sold and sale value is less than opening WDV plus Addition) if all the assets in block has been sold then balancing figure will be either capital gain or capital loss. if sale value is more than opening WDV plus Addition then balancing figure will be capital gain.