Transfer of Asset
This query is : Resolved
14 January 2010
Hi to all.....PLz reslove my query
One of my client has transferred a truck lorry(business of plying trucks u/s 44AE) under the instalment basis but the ownership has not been transferred yet.The transferee uses the truck now for his business purpose and pays the regular instalment.Now i want to ask will the following:
1. will this amount to tranfer and attracts capital gains or loss(assume only 1 truck in the block)
2.the instalment carries interest part also (how this will be treated in income tax)
Kindly support with and example if possible.
Thanks in advance
Vikash Goel
One of my client has transferred a truck lorry(business of plying trucks u/s 44AE) under the instalment basis but the ownership has not been transferred yet.The transferee uses the truck now for his business purpose and pays the regular instalment.Now i want to ask will the following:
1. will this amount to tranfer and attracts capital gains or loss(assume only 1 truck in the block)
2.the instalment carries interest part also (how this will be treated in income tax)
Kindly support with and example if possible.
Thanks in advance
Vikash Goel
14 January 2010
If there is no transfer of ownership then no capital gain.
14 January 2010
If interest is in normal course of business, it would be Income from business and profession
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
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Confusion around Form 26QB fields
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- Should I report my US salary for January, February, March in Schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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
