capital gains
This query is : Resolved
21 March 2009
An assessee is engaged in the business of operating trucks and computing his business income as per section 44AE of Income tax Act,1961 and also not liable to maintain the books of account as per the provisions of section 44AA of the act.
During the year 2001-08, an assessee has sold 2 trucks out of his 6 owned trucks after 4years of its original purchase. Is capital gain on sale of the 2 trucks laible to tax during the year and if yes,
1. Whethe block method of depreciation and computaion of short term capital gain in that accordance applicable to it?
2. Whether it will be treated short term or long term capital gain and indexation of cost is allowed for the same?
During the year 2001-08, an assessee has sold 2 trucks out of his 6 owned trucks after 4years of its original purchase. Is capital gain on sale of the 2 trucks laible to tax during the year and if yes,
1. Whethe block method of depreciation and computaion of short term capital gain in that accordance applicable to it?
2. Whether it will be treated short term or long term capital gain and indexation of cost is allowed for the same?
21 March 2009
REDUCE IT FROM THE BLOCK.
GAIN WILL ACCRUE WHEN BLOCK IS NIL BUT PHYSICAL ASSETS IS THERE & THAT IS SOLD.
GAIN WILL ACCRUE WHEN BLOCK IS NIL BUT PHYSICAL ASSETS IS THERE & THAT IS SOLD.
22 March 2009
1.Yes
2.Short term Capital gain or loss as the case may be u/s 50.
3.No benefit of indexation is allowable.
2.Short term Capital gain or loss as the case may be u/s 50.
3.No benefit of indexation is allowable.
22 March 2009
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