Illustration 30: Calculation of gain on outright sale of subsidiary A parent purchased an 80% interest in a subsidiary for 1,60,000 on 1 April 20X1 when the fair value of the subsidiary's net assets was 1,75,000. Goodwill of 20,000 arose on consolidation under the partial goodwill method. An impairment of goodwill of 8,000 was charged in the consolidated financial statements to 31 March 20X3. No other impairment charges have been recorded. The parent sold its investment in the subsidiary on 31 March 20X4 for 72,00,000. The book value of the subsidiary's net assets in the consolidated financial statements on the date of the sale was 72,25,000 (not including goodwill of 12,000). When the subsidiary met the criteria to be classified as held for sale under Ind AS 105, no write down was required because the expected fair value less cost to sell (of 100% of the subsidiary) was greater than the carrying value. The parent carried the investment in the subsidiary at cost, as permitted by Ind AS 27. Calculate gain or loss on disposal of subsidiary in parent's separate and consolidated financial statements as on 31st March 20X4