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.
Message likes :
1 times
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.
Message likes :
1 times
22 December 2015
Thanks Sir for your instant reply.
24 December 2015
You are most welcome.
.
.
.
.
.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Income tax return change regime form necessary or not?
- EXEMPTION OF LONG TERM GAIN UNDER SECTION 54F
- Resignation of auditor and appointment and cfss
- Machinery taking back from repair work shop
- Refund of Rs.4,00,000/- pursuant to Appeal Order – Deceased Proprietor & Closed Bank Account
- Rebate U/S 87A on Short Term Capital Gain on Sale Of Property .
- Stop filling ITR
- SALE SHOWS ACCORDING SERVICE PROVIDE BUT SERVICE RECEIVER (GOVT. DEP) SHOWS SALES IN 26Q DIFF YR
- Patient expenses
- New old regime
- Tax Audit Mandatory or Optional
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
