sale of hoarding board - tax implication
This query is : Resolved
Rajesh U. Ameta
(Querist)
26 April 2009
case is as follows :
Company owns Hoarding Board which is classified under Fixed Assets catg which also fetches rental income.
Now this fixed is sold out.
In books will be considered as business income?
And while preparing computation will this profit be taxed under capital gain or business income.
case is as follows :
Company owns Hoarding Board which is classified under Fixed Assets catg which also fetches rental income.
Now this fixed is sold out.
In books will be considered as business income?
And while preparing computation will this profit be taxed under capital gain or business income.
CA Nitin Wadhwani
(Expert)
26 April 2009
Being a capital asset, it will be taxed under capital gains.
Rajesh U. Ameta
(Querist)
27 April 2009
how it can b capital assets
CA Nitin Wadhwani
(Expert)
27 April 2009
Aren't fixed assets the capital assets as per sec 2(14) of Income Tax Act.
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