27 December 2019
I have a client who has income of truck renting, He own this truck since 2017, and we have shown its income under section 44AE i.e. Presumptive taxation. Now the problem is in the year 2018-19 he sold this truck with profit, Now my question is that any capital gain liability attracted by him in this case ????? If yes Under which Section and what is the Income Tax Liability if I will file its return by the end of Dec 19. Please reply as soon as earlier.
CAclubindia
