Question to ans.
This query is : Resolved
09 January 2013
Mr. A is a salaried
employee and owns a bike. He uses
the same for the purpose of
commuting to the office. Cost of the
same on 27-7-2006 when he
purchased it was Rs. 50000. He
sells this bike on 8-1-2013 for Rs.
40000.
b. Whether the loss/profit on
this sale is taxable ?
c. If no, why ?
d. If yes, why?
e. If yes, under which head of
income is it taxable ?
f. Answer all the above
questions assuming that Mr. A is
carrying on the business and uses
the bike for to and fro to office and
claims depreciation on the same.
Assumption no other assets in
that block.
employee and owns a bike. He uses
the same for the purpose of
commuting to the office. Cost of the
same on 27-7-2006 when he
purchased it was Rs. 50000. He
sells this bike on 8-1-2013 for Rs.
40000.
b. Whether the loss/profit on
this sale is taxable ?
c. If no, why ?
d. If yes, why?
e. If yes, under which head of
income is it taxable ?
f. Answer all the above
questions assuming that Mr. A is
carrying on the business and uses
the bike for to and fro to office and
claims depreciation on the same.
Assumption no other assets in
that block.
09 January 2013
If the asset is used for business and depreciation is claimed, then the gain if any arising out of that will be regarded as short term capital gain. = 40,000 - WDV as on 1/4/2012
09 January 2013
But sir which time. i m take this for business incm.
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