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Q. > Please Help: INCOME TAX
what is treatment of profit on sale of fixed assets in ITR-6
1 Answers
answered Dec 07, 2013 by SUBHASH KUMAR JHA , Darbhanga
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.
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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.