Car sold on profit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 April 2012
Sir,
Kindly tell us if car sold on profit after month of sep. are taxable or not in case of individual and dep. chargesd for whole year or not?
Kindly tell us if car sold on profit after month of sep. are taxable or not in case of individual and dep. chargesd for whole year or not?
23 April 2012
Depreciation under The Income tax Act is allowable on wdv as at close of the year i.e.at 31st March.and hence closing wdv is to be arrived at as follows;
Opening wdv
Add:cost of acquisition of new asset acquired during the previous year falling in that block
Less:Sales consideration received/receivable for assets transferred during the previous year
hence sales value of sold car is to be deducted from wdv of block of assets before calculation allowable depreciation.
Opening wdv
Add:cost of acquisition of new asset acquired during the previous year falling in that block
Less:Sales consideration received/receivable for assets transferred during the previous year
hence sales value of sold car is to be deducted from wdv of block of assets before calculation allowable depreciation.
23 April 2012
Section 2(14) Specifically excludes personal effects from the definition of capital asset.
Since car( not used for his business ) of an individual covered under personal effect. Hence NOTHING IS TAXABLE.
If used for business then taxable as explained by expert.
Since car( not used for his business ) of an individual covered under personal effect. Hence NOTHING IS TAXABLE.
If used for business then taxable as explained by expert.
Message likes :
1 times
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
- Inventory of finished goods
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- GST Regis.
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
