Sale of spoliled items
This query is : Resolved
11 February 2013
Sale of spoiled items such as potatoes purchased in lots will be considered as income and is it taxable?
Sale of used things (scrap), amount recovered from it is huge. will it be considered as income?
Kindly suggest me on the above queries
Sale of used things (scrap), amount recovered from it is huge. will it be considered as income?
Kindly suggest me on the above queries
CA. RAGHAV GARG
(Expert)
11 February 2013
Both are Income and are taxable,
12 February 2013
can i claim purchase price of above items as deduction from income as the above items are not used for businnes purpose. am i eligible for deduction or i hve to pay tax on entire whole????
CA. RAGHAV GARG
(Expert)
12 February 2013
Yes, its is your business income only taxable under PGBP,
You can claim purchases and all other expenses for such purchase as deductions from income and the remaining amount is Taxable.
You can claim purchases and all other expenses for such purchase as deductions from income and the remaining amount is Taxable.
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