Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2014
assesse u/s 44ae having 4 heavy goods vehicles which acquired with rs.500000 each 2 years back.
during the P.Y 2 heavy vehicles are sold for rs.1100000.how can we calculate capital gain. either u/s.50 or u/s.48.? while calculation u/s.50 to be taken for the purpose of u/s44 ae which amount to be taken for opening wdv of the block? and how to calculate capital gain for assesse u/s 44ad when any property sold which is used in his business.
during the P.Y 2 heavy vehicles are sold for rs.1100000.how can we calculate capital gain. either u/s.50 or u/s.48.? while calculation u/s.50 to be taken for the purpose of u/s44 ae which amount to be taken for opening wdv of the block? and how to calculate capital gain for assesse u/s 44ad when any property sold which is used in his business.
11 August 2014
taxable under the capital gain if the block of assets is no more.
if block of assets is exist then no gain/ or loss on sale of assets is calculated.
if block of assets is exist then no gain/ or loss on sale of assets is calculated.
11 August 2014
PLS REFER TO SEC 44 AE, CLAUSE 3 & 4.
IN YOUR CASE THE CAPIATAL GAIN WILL CALCULATED U/S 50 .WDV WILL BE CALCULATED BY ALLOWING DEP FROM THE DATE OF PURCHASE OF ASSETS TO DATE OF SALE AS PER INCOME TAX ACT.
RUPESH IS RIGHT, IF BLOCK OF ASSETS EXIST, THEN NO GAIN.\, OTHERWISE IT WILL BE SHORT TERM CAP AGIN
IN YOUR CASE THE CAPIATAL GAIN WILL CALCULATED U/S 50 .WDV WILL BE CALCULATED BY ALLOWING DEP FROM THE DATE OF PURCHASE OF ASSETS TO DATE OF SALE AS PER INCOME TAX ACT.
RUPESH IS RIGHT, IF BLOCK OF ASSETS EXIST, THEN NO GAIN.\, OTHERWISE IT WILL BE SHORT TERM CAP AGIN
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Sale of property furniture sale
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
