Profit on sale of fixed asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2012
PROFIT ON SALE OF FIXED ASSET IS TO BE CHARGED UNDER WHICH HEAD?
COMMISSION RECEIVED IS TO BE CHARGED UNDER WHICH HEAD?
COMMISSION RECEIVED IS TO BE CHARGED UNDER WHICH HEAD?
CA PARAS BAFNA
(Expert)
27 May 2012
Fixed Assests are Capital Assets and profit arising on transfer of such assets is liable to be taxed as Capital gains.
.
In case of Depreciable Assets, the arising Capital Gain will be terated as Short Term capital gain (even if the asset is a long term capital asset).
.
Commission Income is considered Under the Head Profits & Gains of Busienss or Profession.
.
.
In case of Depreciable Assets, the arising Capital Gain will be terated as Short Term capital gain (even if the asset is a long term capital asset).
.
Commission Income is considered Under the Head Profits & Gains of Busienss or Profession.
.
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