Capital gain on sale of assets

This query is : Resolved

lalit Ganesh Koshe (Querist)
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12 February 2015 if the asset which is received under liquidation is sold by the shareholder in his individual capacity ..

In this case,
1. The owner of that assets is shareholder so what is the nature of that assets..personal assets or capital assets..

2. Whether capital gain tax is applicable?

3. Shareholder is selling that assets as scrap..so is there any applicability of TCS, VAT etc etc.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 February 2015 1. mention which asset is recieved?
2.depends on which asset is sold

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 February 2015 1. mention which asset is recieved?
2.depends on which asset is sold

lalit Ganesh Koshe

lalit Ganesh Koshe (Querist)
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12 February 2015 The assets include,

Old machines, some old engineering items, shed parts etc

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 February 2015 if it is recieved as his share on liquidation then this asset are not taxable as capital gain but shall be taxed as income from other sources

lalit Ganesh Koshe

lalit Ganesh Koshe (Querist)
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12 February 2015 You mean to say total sale consideration will be taxable as income from other source?

ok..and the assets/material will be sold as scrap so any VAT or TCS applicability?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 February 2015 tcs is not applicable under sec 206C since it is not fiitting in definition of scrap mentioned in this section and it is not as a result of manufcaturing.

for vat u need to check as per state vat laws applicable in your state.

lalit Ganesh Koshe

lalit Ganesh Koshe (Querist)
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12 February 2015 ok Thanks Mr. Tushar..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 February 2015 you are welcome lalit................

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Capital gain on sale of assets

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