Capital gain

This query is : Resolved

sumit kansal (Querist)
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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?

Mihir Doshi

Mihir Doshi (Expert)
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30 April 2012 Dear Sumit,

When asset is offered for Depreciation then at the time of sale any gain or loss will be considered as Short Term Capital Gain or Loss accordingly.

Regular Income Tax rate will be applicable on this STCG.

Thanks
Mihir Doshi