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Urgent please advice

23 November 2020

I have sold a jcb in 18-19 and want to file my itr under presumptive basis for business income.Is sale of machinery considered a capital gain or loss.If so please guide which itr form to file.I have been trying to file by itr 3 but i don't seem to find a column where i can fill capital gain on machinery.business is of site preparation works

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6 Replies

Munganda chandrashekar (8 Points)
Replied 23 November 2020

Which ITR Form did u filed in 2017-18?

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ayusmita (Tax consultant) (5885 Points)
Replied 24 November 2020

If you charge or show depreciation on it as per incometax act then it becomes capital gain

rama krishnan (12239 Points)
Replied 24 November 2020

Definitely you would have used jcb for business purposes only. what's the opening wdv of the block? what's the sale price of jcb? whether you purchased any new jcb? above are few factors to decide whether if there's any ST capital loss or gain. better you post depreciation table or schedule so that the experts can compute accurately

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M BABU (203 Points)
Replied 24 November 2020

Capital gain to be filled at schedule CG in ITR 3.

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krishna patil (110 Points)
Replied 24 November 2020

Putchased new jcb and never filed a return before 18-19 so no question of claiming depreciation.it was a short term capital loss.looking for filing return under presumptive basis.

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rama krishnan (12239 Points)
Replied 25 November 2020

Data input is not sufficient to answer your query. you can't straight way state it as stcl or stcg. this aspect has lots of nuances. atleast post the details of purchase cost, date of purchase...

1 Like