Capital gain

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CA Sandip Akde (Querist)
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21 December 2015 Dear Sir/Madam,

I was having one vehicle and income is taxable u/s 44AE.
I was not charging depreciation in the books of Accounts since its not deductible.
This year i sold that vehicle for Rs. 3.21 L but my vehicle is at cost Rs. 9 L in the books of Accounts. Since Block of Assets is cease to exist.

So how can i calculate Capital Gain or Loss on the same transaction.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 December 2015 Calculate WDV based on applicable IT depreciation rates to arrive at gain or loss on sale.

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Amol S Joglekar

Amol S Joglekar (Expert)
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21 December 2015 For the depreciable assets, it is presumed that the depreciation has been provided. So calculate the WDV as if the depreciation has been provided at the rates in vogue from time to time.

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CA Sandip Akde

CA Sandip Akde (Querist)
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22 December 2015 Thanks Sir for your instant reply.

Amol S Joglekar

Amol S Joglekar (Expert)
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24 December 2015 You are most welcome.
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