Long term capital gain
This query is : Resolved
15 March 2013
I have sold my vehicle and generator in 2013 which was purchased in the year 2007 , whether LTG will be applicable to this , and how should i calculate the same
15 March 2013
Is on such assets charging depreciation.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
15 March 2013
If vehicle was for personal use, it will not attract capital gains. If generator was for personal use, sale proceeds less indexed cost will be LTCG.
If both are used in business, sale proceeds less opening WDV will be short term capital gains;
If both are used in business, sale proceeds less opening WDV will be short term capital gains;
16 March 2013
Sir,
Vehicle & Generator is purchased in 2007 and sold in 2013 means used more than 3 yrs , and it was given on rent for business purposes .
So how the capital gain will be short term gain
Thanks
Vehicle & Generator is purchased in 2007 and sold in 2013 means used more than 3 yrs , and it was given on rent for business purposes .
So how the capital gain will be short term gain
Thanks
17 March 2013
If the assets are held for business purpose and that assets are depreciable assets then according to the income tax act capital gain question will arises only at the time of time of such block of assets WDV will bero zero on either negative and capital gain on such depreciated assets always short term capital gain/loss only.
So to decide in your case is short term capital gain will arise or not please provide the details as follows
Date of sale of assets,
Value of sale of assets,
WDV of such depreciating block as on 31-3-12
and is any additions to such block from 1-4-2012 to the date of sale.
Please provide such details i will provide you is available short term capital gain arises or not
OM SAI SRI SAI JAI JAI SAI
So to decide in your case is short term capital gain will arise or not please provide the details as follows
Date of sale of assets,
Value of sale of assets,
WDV of such depreciating block as on 31-3-12
and is any additions to such block from 1-4-2012 to the date of sale.
Please provide such details i will provide you is available short term capital gain arises or not
OM SAI SRI SAI JAI JAI SAI
18 March 2013
Lookin Towards Facts, Its Asumed That You were Providing depreciation on Those Assets.
Its STCG, Because Long Term Capital Gain/Loss Not Applicable on Depreciable Assets.
and Hence 30% Tax rate is Applicable on Such Short Term Capital Gain.
Its STCG, Because Long Term Capital Gain/Loss Not Applicable on Depreciable Assets.
and Hence 30% Tax rate is Applicable on Such Short Term Capital Gain.
18 March 2013
Tax rate depends on the income tax slab for STCG
18 March 2013
yes, if status is ind/huf then as per slab rate...else 30% tax bracket.
19 March 2013
Date of sale of asset
Generator ---31/07/2012
date of purchase :-18/05/2007
Sale proceeds Rs. 1,15000/-
cost of aqusition Rs. 2,72,563/-
W.D.V AS ON 31.03.2012 Rs. 1,23,686/-
NO Addition any
Please advise STG or not
Generator ---31/07/2012
date of purchase :-18/05/2007
Sale proceeds Rs. 1,15000/-
cost of aqusition Rs. 2,72,563/-
W.D.V AS ON 31.03.2012 Rs. 1,23,686/-
NO Addition any
Please advise STG or not
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19 March 2013
There is a Short Term Loss 8,686
19 March 2013
and should we not calculate the depreciation for 1/4/2012 to 31/7/2012 as it is sold on 31/07/2012
19 March 2013
No.
For tax purposes, depreciation would not be calculated as the block at the end of the year would be zero.
For tax purposes, depreciation would not be calculated as the block at the end of the year would be zero.
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