Sale of a fixed assets
This query is : Resolved
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.
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.
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.
13 June 2014
If it is for personal purpose, no tax is applicable.
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.
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