Q.1- I have sold a BUS for Rs.30,00,000/- used in CARRYING Passenger after 4 years on June-2020 and Value of Vehicle FY 2019-20 After Depreciation Rs. 25,00,000/- in Balance Sheet. I have get profit Rs.5,00,000/-. I do not have any other Vehicle till date in Business. In this case , Will I have to pay Short term Capital Gain Tax on Rs.5,00,000/-? Q. 2- If Capital Gain Tax applicable on this case , then How to calculate ? if Not Applicable Capital Gain Tax, then Why not Applicable ?
11 September 2021
1 It will be considered as normal profit on sale of assets. 2 Capital gains tax applicable only on sale of shares. Profit on sale will be part of profit .
11 September 2021
Thank Sir, If I have more than one bus which Depreciation value Same. Then Concept of Block of Assets applicable? And also STCG / STCL Applicable?
CAclubindia
