Gain on sale of car on which depreciation not claim
This query is : Open
23 July 2016
If a person sell car which is used for business but depreciation not claimed on by assesse in his income tax returns and car is held for more than 3 years,Can it will be long term capital gain and index cost to be calculated?
As per my thinking,it is not depreciable asset because assessee not claim depreciation on it and thats why we can't treat gain on sale of such asset as short term capital gain.Please guide in this respect as its very urgent
As per my thinking,it is not depreciable asset because assessee not claim depreciation on it and thats why we can't treat gain on sale of such asset as short term capital gain.Please guide in this respect as its very urgent
23 July 2016
It is compulsory to claim depreciation. Depreciation will be treated as allowed even if not claimed.
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- RELATED TO TRIBUNAL APPEAL
- HOUSING LOAN ISSUE
- TDS AND ITR ISSUE
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- RATE AND HSN CODE
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
