capital gain on depreciable assets
This query is : Resolved
28 April 2011
The income earned from a depreciable asset is being charged under the head other sources and such depreciation is claimed as deduction against the income earned. The same asset has been sold during the previous year. what is the capital gain treatment for the sold asset???
28 April 2011
Short Term Capital gain / loss will be come in the case of depreciable assets, if block of such depreciable assets has to cased.
and such capital gain will be taxed under the head capital gain
and such capital gain will be taxed under the head capital gain
Message likes :
1 times
12 September 2013
Sir i am could not understand please explain briefly... (whether block of asset concept is applicable only for income from business or profession or to any other head?)
12 September 2013
BLOCK OF ASSET is covered under the head PGBP and in Capital Gain also..
03 October 2021
Block of assets is considered for depreciation of Business assets, under INCOME TAX act.
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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Valuation of diamonds as on 01.04.2001
- What is meaning of merging of expenses or income in accounts
- Accounting treatment of write off sundry debtors
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
