Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 May 2012
A company is having a car registered in its name. The depreciation is being claimed by the company for the last 4 years. Now the company is transferring the car in the name of one employee at WDV coming in the books. Would there be any capital gains chargeable to the company?
18 May 2012
Yes Short Term Capital Gain. ( Note: the block of asset will decide whether company has to pay short term capital gain or not. If company is having other assets in the block, so the block is not extinguished ... and so on)
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