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?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 May 2012 Fixed Assests are Capital Assets and profit arising on transfer of such assets is liable to be taxed as Capital gains.
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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).
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Commission Income is considered Under the Head Profits & Gains of Busienss or Profession.
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