Sale of truck
This query is : Resolved
15 September 2013
The assesee is engaged in the trading of Cement and is audited very year. He also derives income by hiring of 3 trucks, which he shows u/s 44AE while filing his Income Tax Return.
He sold on truck in Sep.2012 for Rs.9,75,000 (Purchased in July 2008 at Rs.12,00,000).
What would be the tax treatment of sale of the mentioned truck?
Whether LTCG/LTCL would be computed after adjusting Depreciation?
He sold on truck in Sep.2012 for Rs.9,75,000 (Purchased in July 2008 at Rs.12,00,000).
What would be the tax treatment of sale of the mentioned truck?
Whether LTCG/LTCL would be computed after adjusting Depreciation?
16 September 2013
Since he has sold only one truck out of three block of asset does not vanish. sale consideration shall be deducted from wdv and depreciation shall be calculated on balance amount.
Message likes :
1 times
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Procedure for claiming exemption in Article Ship for CA Course
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
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
