Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2014 assesse u/s 44ae having 4 heavy goods vehicles which acquired with rs.500000 each 2 years back.
during the P.Y 2 heavy vehicles are sold for rs.1100000.how can we calculate capital gain. either u/s.50 or u/s.48.? while calculation u/s.50 to be taken for the purpose of u/s44 ae which amount to be taken for opening wdv of the block? and how to calculate capital gain for assesse u/s 44ad when any property sold which is used in his business.

Rupesh Jain

Rupesh Jain (Expert)
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11 August 2014 taxable under the capital gain if the block of assets is no more.

if block of assets is exist then no gain/ or loss on sale of assets is calculated.

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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11 August 2014 PLS REFER TO SEC 44 AE, CLAUSE 3 & 4.
IN YOUR CASE THE CAPIATAL GAIN WILL CALCULATED U/S 50 .WDV WILL BE CALCULATED BY ALLOWING DEP FROM THE DATE OF PURCHASE OF ASSETS TO DATE OF SALE AS PER INCOME TAX ACT.
RUPESH IS RIGHT, IF BLOCK OF ASSETS EXIST, THEN NO GAIN.\, OTHERWISE IT WILL BE SHORT TERM CAP AGIN

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