Capital Gain
This query is : Resolved
09 August 2010
Q1. If i employ any asset that is depreciable than should i compute capital gain u/s 50 ?
Q2. i used Plant and machinery in business than on sale if i get profit , will it be liable for capital gain
Q3. I use Car for personal use on sale i got profit, will it be liable for capital gain u/s 50 ?
Q4. i have a biz trademarks of my own how can i compute cost of acqustion of it ?
do expense paid for Regestration is cost of acqustion ?
at what rate should i depreciate it, how to show in balance sheet ?
Q1. If i employ any asset that is depreciable than should i compute capital gain u/s 50 ?
Q2. i used Plant and machinery in business than on sale if i get profit , will it be liable for capital gain
Q3. I use Car for personal use on sale i got profit, will it be liable for capital gain u/s 50 ?
Q4. i have a biz trademarks of my own how can i compute cost of acqustion of it ?
do expense paid for Regestration is cost of acqustion ?
at what rate should i depreciate it, how to show in balance sheet ?
Sunil Kr. Sanganeria
(Expert)
09 August 2010
Yes Capital gain has to be computed as per Section 50 of the IT Act. If any gain arises, it will be short term capital gain irrespective of the period of holding.
Q-2 Apply Section 50 of the Income Tax Act
Yes, it will be either long term or short term depending upon the period of holding.
Q-2 Apply Section 50 of the Income Tax Act
Yes, it will be either long term or short term depending upon the period of holding.
Dhirajlal Rambhia
(Expert)
04 August 2023
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