profit on sale of capital assets
This query is : Resolved
seema singla
(Querist)
24 July 2010
A co. has a block of assets having a w.d.v. NIL. But it still has some assets. These are sold during the year. Now I think that the amount on sale of capital assets will be the profit on sale of assets and will be taxed under capital gains.
Am I right????
If not, then plz tell the right treatement of the above.
Thanks
Am I right????
If not, then plz tell the right treatement of the above.
Thanks
24 July 2010
ya u r right... since sale consideration is more than WDV it would be taxed as short term capital gain...
CA Sanat Pyne
(Expert)
24 July 2010
yES IT WOULD BE TAXED AS STCG.
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