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income tax

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(Querist)
24 September 2008 income tax applicable or not on profit on sale of car use in profession
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CA Ravi Chawla

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CA Ravi Chawla (Querist)
24 September 2008 hi
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A.Sekar

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A.Sekar (Expert)
24 September 2008 Sale proceeds of car has to be credited to the 15% block of assets and if the block does not come to an end, depreciation will be allowable on the balance. If the block comes to an end, the balance will be liable to tax as short term capital gains under Section 50(2) of the ITAct.
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Ravikumar.G

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Ravikumar.G (Expert)
24 September 2008 Net block is less than the sale value Capital gain tax will attract (If the block comes to an end). Otherwise No Tax.
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