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Sale of a fixed assets

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(Querist)
13 June 2014 sir,

i had a car(fixed assets), which i sold at 360000. can anyone tell me the tax implications on these sale of a car.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
13 June 2014 depends on what is value of the block, if any...at what price you sell the asset...etc etc...if depreciation has been claimed, the capital gains shall be computed as per Section 50 of the Income-tax Act.
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Sandeep Dharar

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Sandeep Dharar (Expert)
13 June 2014 It depends on the value of Car(WDV) and Sale price. If profit is earned then it will b taxable as Capital Gain and if loss arises then u can set off that loss.
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
13 June 2014 If it is for personal purpose, no tax is applicable.
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Rupesh Jain

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Rupesh Jain (Expert)
13 June 2014 IF YOU ARE USING AS PERSONAL ASSETS THEN NO TAX AND IF YOU ARE USING IN BUSINESS THEN IT DEPEND ON WDV ON THE CAR IN YOUR BOOKS.

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