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)
CAclubindia
