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Q. > Please Help: depreciation
how to treat profit on sale of fixed asset as per it
2 Answers
answered Nov 19, 2012 by Anmol Goyal , Ujhani
If it is a depreciable asset, then there will always be a STCG.. Refer to head cap. gain
answered Nov 25, 2012 by Siddharth Bumb
Dear,
Fixed asset is a capital asset and profit arising from sale of capital asset is a capital profit and hence there will be short term capital gain. On depreciable asset, there is always short term capital gain or loss
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Comments
CA. SAYANTAN BASU
17-Nov-2012 , 06:30:03 pmDear sir , THE SALE OF FIXED ASSET WILL BE TREATED AS CAPITAL GAIN ..... IF THE ASSET QUALIFIES AS CAPITAL ASSET U/S 2(14) .SO THE PROFIT IS LONG TERM CAPITAL GAIN .... OTHERWISE SHORT TERM CAPITAL GAIN .....
Bikas Kumar Burnwal
19-Nov-2012 , 08:17:20 pmAgree with Mr. Anmol Goyal
CA Gopal Choudhary
20-Nov-2012 , 06:20:55 pmCA Gopal Choudhary
20-Nov-2012 , 06:22:55 pmdear friend, unless the block cease to exist or the resultant figure is negative, u cant treat the sale of fixed assets under the head CG.
vipul jadhav
18-Dec-2012 , 08:22:40 pmif depreciable asset taxable as STCG/STCL. if non depreciable asset refer capital gains chapter