Sale of three wheeler commercial vhicle
This query is : Resolved
30 April 2012
assesse was doing transport business having three wheeler commercial vehicle purchased on 1991 ,only asset in block of depriciable asset having depriciable value on 1-4-2011 is 300 rs.
Assessee sold the three wheeler commercial vehicle for Rs 20000 and block of assest ceases to exist
what will be the taxability wheather short term or long term capital gain , and how much tax will have to pay?
Assessee sold the three wheeler commercial vehicle for Rs 20000 and block of assest ceases to exist
what will be the taxability wheather short term or long term capital gain , and how much tax will have to pay?
30 April 2012
The benefit of Indexation is not available in case of Depreciable assets(Other than as asset used by a power generating unit eligible for depreciation on Straight Line Basis).
As per sec.50 gain on transfer of depreciable asset is Short Term Capital Gain.
Tax liability will be calculated as per the Total Income of the Assessee.
As per sec.50 gain on transfer of depreciable asset is Short Term Capital Gain.
Tax liability will be calculated as per the Total Income of the Assessee.
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tax on income from business can set off house property loan
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
