Easy Office
LCI Learning

sale of hoarding board - tax implication

This query is : Resolved 
Profile Image

Profile Image

(Querist)
26 April 2009
case is as follows :

Company owns Hoarding Board which is classified under Fixed Assets catg which also fetches rental income.

Now this fixed is sold out.

In books will be considered as business income?

And while preparing computation will this profit be taxed under capital gain or business income.
Profile Image

CA Nitin Wadhwani

Profile Image

CA Nitin Wadhwani (Expert)
26 April 2009 Being a capital asset, it will be taxed under capital gains.
Profile Image

Rajesh U. Ameta

Profile Image

Rajesh U. Ameta (Querist)
27 April 2009 how it can b capital assets
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

CA Nitin Wadhwani

Profile Image

CA Nitin Wadhwani (Expert)
27 April 2009 Aren't fixed assets the capital assets as per sec 2(14) of Income Tax Act.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links