Applicability Of Capital Gains
This query is : Resolved
02 March 2010
The 'a' is running business of Running of Trucks and his income is taxable u/s 44AD. He is having two trucks right now and these are the only assets in the block. He is going to sell one of the truck this month? Is capital gain applicable on him if he sells the truck for a consideration which is more than the notional WDV of both the assets in the block considering the fact that the value of block is going to be negative after that?
Thanking You in anticipation.
Thanking You in anticipation.
02 March 2010
yes, he is liable to short term capital gain as per sec 50
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