Capital gain: sec. 50
This query is : Resolved
24 August 2011
M/s ABC Pvt. Ltd. has sold a machinery for Rs. 3.80 lacs. WDV of the machinery is Rs. 2.50 Lacs. The Profit on Sale of Fixed Asset is Rs. 1.30 lacs. While calculating the Income from Business the Profit on sale of Fixed Asset shall be deducted. Then profit shall be taxed as Capital gain u/s 50 of the IT Act, 1961. ie Rs 1.30 x 30% = Rs. 39000. Whether the above calculation is correct.
Please guide.
Regards,
Devendra
Please guide.
Regards,
Devendra
24 August 2011
it is short term capital gain so calculation is correct.
24 August 2011
Tax has to be calculated on total income
PGBP+STCG= Total Income
PGBP+STCG= Total Income
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Lease agreement and tax on sale
- CCFS 2026 Schemed
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
