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
CA. Anoop Gadia
(Expert)
24 August 2011
it is short term capital gain so calculation is correct.
CA PARAS BAFNA
(Expert)
24 August 2011
Tax has to be calculated on total income
PGBP+STCG= Total Income
PGBP+STCG= Total Income
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