Capital Gains & Block of Asset Concept
This query is : Resolved
CA. Arul Mozhi Varman
(Querist)
30 December 2008
15 % Machinery Block on 20th June 2008 - Rs. 1.90 lacs
The Block comprises only a Car.
The Car is sold for Rs. 4.00 lacs on 21 st june 2008.
A new car is purchased on 20th August 2008 for Rs. 7.00 lacs.
My queries are
1. What is the balance of the 15% Block as on 31st march 2009 before depreciation?
2. Whether capital gains tax arises or not?
3. How is the profit on sale of car is taxed here?
Please solve my queries.
The Block comprises only a Car.
The Car is sold for Rs. 4.00 lacs on 21 st june 2008.
A new car is purchased on 20th August 2008 for Rs. 7.00 lacs.
My queries are
1. What is the balance of the 15% Block as on 31st march 2009 before depreciation?
2. Whether capital gains tax arises or not?
3. How is the profit on sale of car is taxed here?
Please solve my queries.
30 December 2008
1. 4.90 lakhs.
2. No.
3. No profit on sale of car in this situation to be taxed.
2. No.
3. No profit on sale of car in this situation to be taxed.
CA Chaitanya
(Expert)
30 December 2008
Yes it is correct.
CA Tilak Raj Sharma
(Expert)
31 December 2008
1. Balance 4.90 and after dep. 4.165
2. No.
3. No profit on sale is taxable while calculating income tax liability.
2. No.
3. No profit on sale is taxable while calculating income tax liability.
CA. Arul Mozhi Varman
(Querist)
31 December 2008
Thanks everybody.
Therefore, Block of Asset Concept saves a lot of tax.
Therefore, Block of Asset Concept saves a lot of tax.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Ito add credit side of bank
- GSTR9 Annual Return
- Employee secondment
- GST ITC as per notification 12/2023- central tax
- Gift to nri relatives resides in usa
- Rent agreement of House of deceased person
- Applicability of tax on invoice
- Form 144 TDS Return Validation error
- Form 144 TDS Return Validation Error – Mandatory Fields
- Capital gain on commercial property and investment in residential property
- Import of Capital Machine
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
