Capital Gain on sale of Machinery
This query is : Resolved
09 April 2011
Pls let me is income tax will be charged on profit under capital gain on sale of machinery & what percentage.Also pls let me know on any other fixed assets.
Kumar Babu.G
(Expert)
09 April 2011
Yes income tax will be charged on sale of plant and machinery on gains under the head capital gains.Rate depends upon the person.Your question is little bit unclear it seems.
CA Navin Jain
(Expert)
25 April 2011
if plant and machinery is sold then always short term capital gain or loss will be come under income tax act.
further, if block of assets is exit then no short term capital gain or loss would be arsed
further, if block of assets is exit then no short term capital gain or loss would be arsed
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