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captial gain on sale of truck

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(Querist)
12 April 2010 dear all,

a compnay sold a truck on profit after taking the consideration of depriciation pls tell the tax treatment of the profit in this case.


thanks
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CA SIDHARTH HIRALAL PATNI

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CA SIDHARTH HIRALAL PATNI (Expert)
12 April 2010 As you know when company purchase asset it is included in the block of asset. It doesn't matter what is the period of holding as it is chargeble as short term capital gain.
You didn't mention about block.

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