Capital Gain
This query is : Resolved
CA. Vinod Agarwal
(Querist)
24 August 2010
A company has 100 nos of commercial vehicles in 30% block with WDV Rs.100 Lacs as on 1.4.09. During the year 2009-10 the company has sold 70 Nos of its fleet for Rs.120 Lacs. Will there be any any capital gain?. If yes what is the ammount of Capital Gain?
Aditya Maheshwari
(Expert)
24 August 2010
Such excess shall be deemed to be the capital gains arising from the transfer of short-term capital assets and the amount of capital gains would be 20 lacs only.
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