Capitall Gain
This query is : Resolved
18 January 2011
Respected Experts
We are partnership Firm and we have acquired truck some 10 years back and claimed depreciation every year now this year we sold the same at Rs. 40000, WDV as per books is 20295. What will be the tax treatment
Regards
Divyesh
We are partnership Firm and we have acquired truck some 10 years back and claimed depreciation every year now this year we sold the same at Rs. 40000, WDV as per books is 20295. What will be the tax treatment
Regards
Divyesh
18 January 2011
If there is no other asset in the block, which is being depreciated at the rate applicable to the truck, then Rs. 19705/-
shall be treated as Short Term Capital Gain on which normal rate of tax will be applicable.
In other case when you have any other asset in the same block , then the block will be reduced by Rs 40000/-. If balance is positive amount , on this you have to provide depreciation.
In case block value shows negative balance , such balance will be treated as STCG.
shall be treated as Short Term Capital Gain on which normal rate of tax will be applicable.
In other case when you have any other asset in the same block , then the block will be reduced by Rs 40000/-. If balance is positive amount , on this you have to provide depreciation.
In case block value shows negative balance , such balance will be treated as STCG.
20 January 2011
Totaly agree with Mr.Bafna.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
