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Profit on sale of truck

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(Querist)
29 September 2012 when i am sale of truck on profit it is taxable or not?
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Pankaj Gupta

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Pankaj Gupta (Expert)
29 September 2012 Truck is a business asset. It can't be said that the truck was used as personal effect for the personal use of assessee and his family members. Therefore there arises a capital gain on the sale of truck.
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Pankaj Gupta

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Pankaj Gupta (Expert)
29 September 2012 Such capital gain will be a short term capital gain.
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