Question

Profits or Losses made on sale of fixed assets are to be shown both in
Financial and Cost Accounting.*
O True
O False
​

Answer 1

Answer:

true.

Explanation:

So profit/loss on sale of fixed assets is taxable under the head capital gain. If such asset is depreciated asset then profit or loss on such asset would be taxable as short term capital gain/loss at the time of such block of assets became Nil or WDV goes to zero or negative only.

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