capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2010 Dear frineds, if a person dealing in the business of goods carriers, sold his carrier during the year than what will be the treatment, wheter capital gain/loss arise or profit/loss will be booked in his books, thanks in advance

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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20 July 2010 As you have mentioned that the business of the assessee is sale of goods carrier then goods carrier will be considered normal goods and sale shall be considered business activity. Hence it shall be considered under the head Income from business or profession.

srinath

srinath (Expert)
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20 July 2010 if the person is selling goods carrier then it would be treated as business income

if the person carries goods and uses the goods carrier as his fixed assets then it would be taxed as short term capital gain since it is depreciable assets

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