Capital gain when cost is nil
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2014
what is the taxability under capital gain in below eg - 1.when cost of fixed assets which follow under capital assets 2.this assets has a cost when it is purchased . due to adoption of amortisation method , now cost comes nil. 3. when this is put to sale , how to treat the consideration received on account of sale ? is it taxable ? if yes under which head? who will pay tax?
31 October 2014
Being depreciated asset the entire consideration will be treated as short term capital gain and tax has to be paid by the seller.
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