Sale of a fixed assets
This query is : Resolved
Tinku Agarwal
(Querist)
13 June 2014
sir,
i had a car(fixed assets), which i sold at 360000. can anyone tell me the tax implications on these sale of a car.
i had a car(fixed assets), which i sold at 360000. can anyone tell me the tax implications on these sale of a car.
Nikhil Kaushik
(Expert)
13 June 2014
depends on what is value of the block, if any...at what price you sell the asset...etc etc...if depreciation has been claimed, the capital gains shall be computed as per Section 50 of the Income-tax Act.
Sandeep Dharar
(Expert)
13 June 2014
It depends on the value of Car(WDV) and Sale price. If profit is earned then it will b taxable as Capital Gain and if loss arises then u can set off that loss.
CA UMESH DULAL
(Expert)
13 June 2014
If it is for personal purpose, no tax is applicable.
Rupesh Jain
(Expert)
13 June 2014
IF YOU ARE USING AS PERSONAL ASSETS THEN NO TAX AND IF YOU ARE USING IN BUSINESS THEN IT DEPEND ON WDV ON THE CAR IN YOUR BOOKS.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- GSTR9 Annual Return
- Employee secondment
- Rent agreement of House of deceased person
- LLP audit and disclosure
- Import of Capital Machine
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Gift to nri relatives resides in usa
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
