Capital gain in case of asset sold in same year of purchase
This query is : Resolved
VIKAS SHARMA
(Querist)
19 July 2013
Mr. A purchased truck on 01.05.2012 for Rs. 11,00,000/- out of which Rs. 2,00,000/- is paid by cheque & Rs. 9,00,000/- by way of loan from financial institution. After using for 3 months, he sold the truck to Mr. B for Rs. 3,00,000/-. The outstanding principal amount of loan as on the date of sale was Rs. 8,50,000/-. The truck was sold in the same year in which it was purchased, hence there was no depreciation charged on it. What will be the tax effect in this case ??
Rupesh Jain
(Expert)
20 July 2013
ITS INCOME CALCULATE UNDER CAPITAL GAIN HEAD
SALE PROCEEDS- PURHCASES COST = IF (-) THEN LOSS OTHER WISE PROFIT
SALE PROCEEDS- PURHCASES COST = IF (-) THEN LOSS OTHER WISE PROFIT
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