Sale of motor car
This query is : Open
21 September 2011
IN THE FIRM WHERE EVERY YEAR CLAIM THE DEPRECIATION ON MOTOR CAR . AFTER FEW YEAR FIRM SOLD OUT THE MOTOR RS. 5000/- EXCESS OF BOOK VALUE ( DEPRECIATED VALUE ) IN THAT CASE EXCESS VALUE IS TAXABLE IN CAPITAL GAIN OR NOT , PLEASE CLEAR.
21 September 2011
Hi,
If block of asset has became zero after selling car from that block, gain will be chargeable to short term capital gain.
If block of asset has became zero after selling car from that block, gain will be chargeable to short term capital gain.
21 September 2011
SHORT TERM OR LONG TERM IF ASSETS SOLD AFTER 3 YEAR. IN THAT CASE WHICH SECTION COMES UNDER THIS .
21 September 2011
All depreciable assets are subject to short term capital gain tax only
21 September 2011
Please provide the section
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