Income tax on asset
Nishu Kotian (332 Points)
28 October 2020
sale of furniture and sale of vehicle how to treat income when making income tax filing
9 Replies
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 28 October 2020
Are you individual tax payer or run a proprietorship firm ?
MAHARAJA SELVA ESWAR
(285 Points)
Replied 28 October 2020
What is the nature of your business , what goods are you trading ir you are in service business??
Nishu Kotian
(332 Points)
Replied 28 October 2020
Sale of life style items like. watch, wallet etc..
now im going to close our business so sale of all stocks and fixed assets
now im going to close our business so sale of all stocks and fixed assets
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 28 October 2020
Prepare Profit and Loss A/c, book income on cr. side of P & L A/c towards income from sale of fixed assets
Nishu Kotian
(332 Points)
Replied 28 October 2020
Jatinder kumar. make a separate capital gain workout is mandatory or not
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 28 October 2020
Not understand your query
Capital gain ?
Capital gain ?
queryinsta054@gmail.com
(234 Points)
Replied 28 October 2020
If the furniture and vehicle are personal effects, then the profits from their sale are personal income and hence there is no tax.If they are stocks in trade, then income will be from Business
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