29 December 2020
Can anyone explain the treatment on sale if depreciable asset (p&m) and stcg arises Where the asset is used in business and claiming sec 44ad What is the treatment and how it should be shown in itr 3 and in which schedule it has to be shown?
30 December 2020
Income from the sale of capital goods would not form part of turnover under Sec. 44AD as the same would be chargeable to tax under the head Capital Gains. when the asset is depreciable Short Term Capital Gain would be chargeable on the sale of the capital asset.
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