capital gains
This query is : Resolved
21 March 2009
An assessee is engaged in the business of operating trucks and computing his business income as per section 44AE of Income tax Act,1961 and also not liable to maintain the books of account as per the provisions of section 44AA of the act.
During the year 2001-08, an assessee has sold 2 trucks out of his 6 owned trucks after 4years of its original purchase. Is capital gain on sale of the 2 trucks laible to tax during the year and if yes,
1. Whethe block method of depreciation and computaion of short term capital gain in that accordance applicable to it?
2. Whether it will be treated short term or long term capital gain and indexation of cost is allowed for the same?
During the year 2001-08, an assessee has sold 2 trucks out of his 6 owned trucks after 4years of its original purchase. Is capital gain on sale of the 2 trucks laible to tax during the year and if yes,
1. Whethe block method of depreciation and computaion of short term capital gain in that accordance applicable to it?
2. Whether it will be treated short term or long term capital gain and indexation of cost is allowed for the same?
21 March 2009
REDUCE IT FROM THE BLOCK.
GAIN WILL ACCRUE WHEN BLOCK IS NIL BUT PHYSICAL ASSETS IS THERE & THAT IS SOLD.
GAIN WILL ACCRUE WHEN BLOCK IS NIL BUT PHYSICAL ASSETS IS THERE & THAT IS SOLD.
22 March 2009
1.Yes
2.Short term Capital gain or loss as the case may be u/s 50.
3.No benefit of indexation is allowable.
2.Short term Capital gain or loss as the case may be u/s 50.
3.No benefit of indexation is allowable.
22 March 2009
experts have given right answer
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
