CAPITAL GAIN ON BUSINESS ASSETS
This query is : Resolved
10 September 2021
Dear Sir/ Madam,
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 ?
Please Reply as early as possible.
Thanking You
Bikash Rai
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 ?
Please Reply as early as possible.
Thanking You
Bikash Rai
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 .
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?
If I have more than one bus which Depreciation value Same. Then Concept of Block of Assets applicable? And also STCG / STCL Applicable?
11 September 2021
In such a case block of assets applicable. No STCG/ STCL applicable.
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