Sale of three wheeler commercial vhicle

This query is : Resolved

sumit kansal (Querist)
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30 April 2012 assesse was doing transport business having three wheeler commercial vehicle purchased on 1991 ,only asset in block of depriciable asset having depriciable value on 1-4-2011 is 300 rs.
Assessee sold the three wheeler commercial vehicle for Rs 20000 and block of assest ceases to exist

what will be the taxability wheather short term or long term capital gain , and how much tax will have to pay?

CA Tousif Ahmed

CA Tousif Ahmed (Expert)
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30 April 2012 The benefit of Indexation is not available in case of Depreciable assets(Other than as asset used by a power generating unit eligible for depreciation on Straight Line Basis).

As per sec.50 gain on transfer of depreciable asset is Short Term Capital Gain.

Tax liability will be calculated as per the Total Income of the Assessee.