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Sale of motor car


21 September 2011 IN THE FIRM WHERE EVERY YEAR CLAIM THE DEPRECIATION ON MOTOR CAR . AFTER FEW YEAR FIRM SOLD OUT THE MOTOR RS. 5000/- EXCESS OF BOOK VALUE ( DEPRECIATED VALUE ) IN THAT CASE EXCESS VALUE IS TAXABLE IN CAPITAL GAIN OR NOT , PLEASE CLEAR.

21 September 2011 Hi,
If block of asset has became zero after selling car from that block, gain will be chargeable to short term capital gain.

21 September 2011 SHORT TERM OR LONG TERM IF ASSETS SOLD AFTER 3 YEAR. IN THAT CASE WHICH SECTION COMES UNDER THIS .


21 September 2011 All depreciable assets are subject to short term capital gain tax only

21 September 2011 Please provide the section



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