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Profit on sale of Fixed Asset but not resulting STCG or STCL

Suresh P

Dear Experts,

There is a sale of Fixed Asset generating a Profit (Say ₹ 100). But the same block of asset during the year does not cease to exist under IT and the block of asset as at the beginning(Say ₹ 200) as reduced by the sale consideration received on sale of such asset (₹ 100) is a positive(₹ 200-₹ 100).There is no acquisition in the relevant block during the previous year.

Obviously we have to reduce the profit on sale of Asset (₹ 100) while computing business income and the same has to be reduced from the block of asset and the depreciation for the balance has to be computed. There will be no capital loss as the block of asset does not ceases to exist and nor does the capital gain as the sale consideration (₹ 100) is not more than the WDV(₹ 200).

Please explain how to deal with the same in winman software if someone of you use it or IT Filing website.

Thanks in Advance.

Guidance Needed: Reflecting Fixed Asset Sale Profit in Business Income and Depreciation in Winman Software or IT Filing A user inquired about handling the sale of a fixed asset that resulted in a profit but did not lead to a short-term capital gain or loss. The asset's block value at the start of the year was 200, reduced by the 100 sale consideration, leaving a positive balance. Since the block of assets remains, there is no capital gain or loss. The user seeks advice on how to reflect this transaction in Winman software or the IT Filing website, emphasizing the need to adjust the profit in business income calculations and compute depreciation on the remaining balance. (AI Summary)
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