Capital gain tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2014 1. When an asset whose cost is Nill and sale it, is it liable for Taxability? It is not depreciable Assets? Cost is nil as the purchase / acquiring cost is already written off in P&L A/c and how that material is sold to third parties for consideration, is capital Gain attracts?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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29 January 2014 how did you write-off the cost? is it not akin to depreciation? and if not, then on what basis you wrote off?

regardless it is chargeable to capital gains

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