Capital Gain on Asset disclosing income u/s 44AE

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Krishna Murthy (Querist)
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27 January 2011 Sir, How to compute CG on transfer of Heavy Goods Vehicle disclosing income u/s 44AE. The Vehicle is shown at purchase cost ( depreciation is not charged) in the books since the income is disclosed on presumptive basis. Is it necessary to restate the WDV and compute the CG as Depreciable asset being STCG or compute CG normally depending up on period of holding.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 January 2011 U/s 44AE, Presumptive Income is the income after providing all the expenditure including depreciation.

Hence you are absolutely right in your approach of computing capital gains on such WDV.

Guest

Guest (Expert)

28 January 2011 Agree with Mr. Bafna

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