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Capital gain tax on Car
please tell me whether we calculate the capital gain in car which is used in business and also depreciation on car is provided in the business in previous years...
Replies (3)
Hello dear... Yes we will be calculating capital gain on such car which will be short term capital gain as it is a depreciable asset
Capital gain on depreciable assets arise when block of asset become nil. if you have other vehicles on which depreciation charged on same rate then there will not be any capital gain .
difference of sale consideration and WDV...
it will always be short term because of its depreciable nature
it will always be short term because of its depreciable nature
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