Treatment of gain on car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 May 2012
What would be the treatment of gain on car according to income tax act, if block is exist?
16 May 2012
Deduct the net consideration from Block
16 May 2012
1. If the sale price of the car is less than the opening WDV + Purchases, then reduce the amount of sale from the (Opening WDV + Purchases). On the balance amount depreciation shall be charged.
2. If the sale price exceeds the (Opening WDV + Purchases), then the difference shall be short term capital gain u/s 50.
2. If the sale price exceeds the (Opening WDV + Purchases), then the difference shall be short term capital gain u/s 50.
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