Capital gain on sale of assets
This query is : Resolved
lalit Ganesh Koshe
(Querist)
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.
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.
12 February 2015
1. mention which asset is recieved?
2.depends on which asset is sold
2.depends on which asset is sold
12 February 2015
1. mention which asset is recieved?
2.depends on which asset is sold
2.depends on which asset is sold
lalit Ganesh Koshe
(Querist)
12 February 2015
The assets include,
Old machines, some old engineering items, shed parts etc
Old machines, some old engineering items, shed parts etc
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
(Querist)
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?
ok..and the assets/material will be sold as scrap so any VAT or TCS applicability?
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.
for vat u need to check as per state vat laws applicable in your state.
lalit Ganesh Koshe
(Querist)
12 February 2015
ok Thanks Mr. Tushar..
12 February 2015
you are welcome lalit................
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