capital gain
This query is : Resolved
12 July 2011
Assesse has one block which consists 2 truck
WDV AS ON 01/04/2010
RATE OF DEPRECIATION AS PER IT ACT 1961 IS 40 %
Rs12,36,000/-
On 1/07/2010 one truck sold and sale consideration receivd was Rs 9,74,000/-
And one truck met with road accident and insurance claim was lodged
and insurance company paid compensation of Rs 9,75,000/-
SUMMARY :
WDV 01/04/2010 12,36,000/-
SALE CONSDIERTAION
OF ONE TRUCK 9,74,000/-
COMPENSATION OF ONE
TRUCK ( ROAD ACCIDENT) 9,75,000/-
Assessee is Pvt Ltd Company.
Please guide me, what is the amount of CAPITAL GAIN chargeable to tax
u/s 45 1(A)
WDV AS ON 01/04/2010
RATE OF DEPRECIATION AS PER IT ACT 1961 IS 40 %
Rs12,36,000/-
On 1/07/2010 one truck sold and sale consideration receivd was Rs 9,74,000/-
And one truck met with road accident and insurance claim was lodged
and insurance company paid compensation of Rs 9,75,000/-
SUMMARY :
WDV 01/04/2010 12,36,000/-
SALE CONSDIERTAION
OF ONE TRUCK 9,74,000/-
COMPENSATION OF ONE
TRUCK ( ROAD ACCIDENT) 9,75,000/-
Assessee is Pvt Ltd Company.
Please guide me, what is the amount of CAPITAL GAIN chargeable to tax
u/s 45 1(A)
12 July 2011
Short Term Capital Gain 1949000-1236000
= 713000
In case the company had purchased a new truck during the FY of800000/- no STCG would arise. On 87000/ wdv the company could have claimed depreciation.
According to Section 45(1A): full value of consideration for the purpose of Section 48 is taken at Rs 975000/.
STCG is due to Section 50.
= 713000
In case the company had purchased a new truck during the FY of800000/- no STCG would arise. On 87000/ wdv the company could have claimed depreciation.
According to Section 45(1A): full value of consideration for the purpose of Section 48 is taken at Rs 975000/.
STCG is due to Section 50.
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