Capital gain
This query is : Resolved
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.
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.
21 December 2015
Calculate WDV based on applicable IT depreciation rates to arrive at gain or loss on sale.
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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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22 December 2015
Thanks Sir for your instant reply.
24 December 2015
You are most welcome.
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