Income tax applicability
This query is : Resolved
05 July 2018
One fixed asset sold for an amount which exceeds WDV as per last financials,and booked profit on sale of fixed asset in current year under the head of other income but I have doubt in those item again to be taxed under capital gain under Income Tax act 1961,if the asset block already nil.
05 July 2018
Profit on sale of depreciated asset , upon exhaustion of block. is 'short term capital
gain' and not 'other income'.
gain' and not 'other income'.
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