Short term capital gain

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This query is : Resolved

SUBHASH JAIN (Querist)

29 September 2011 A MOTOR CAR TRANSFER FROM THE FIRM ON THE DEPRECIATED VALUE OF RS. 2,50,000/- IF MOTOR SALE IN RS. 2,75,000/- IN THAT CASE THERE IS SHORT TERM CAPITAL GAIN TAX WILL CHARGE OR NOT.

CA Navin Jain

CA Navin Jain (Expert)

29 September 2011 SHORT TERM CAPITAL GAIN WOULD BE ARISE

SUBHASH JAIN

SUBHASH JAIN (Querist)

29 September 2011 WHEATHER IT IS SOLD IN LOWER COST RS 2,25,000/- IN THAT CASE LOSS WILL BE ALLOWABLE OR NOT.

CA Navin Jain

CA Navin Jain (Expert)

29 September 2011 then short term capital loss will come

ACMA Obulirajan R

ACMA Obulirajan R (Expert)

29 September 2011 Short term Capital loss also allowed.

SUBHASH JAIN

SUBHASH JAIN (Querist)

30 September 2011 Sir,
NAVIN JI & MR. OBULIRAJAN R JI,
PLEASE CLEAR MY QUESTION THAT I AM ASKING MOTO CAR SALE IN INDIVIDUAL THAT IS TRANSFERED FROM THE FIRM AND THAT IS SOLD LOWER THE BOOK VALUE. AND THAT IS NOW PERSOAL ASSETS AS PER SECTION
2(14) , SO WHAT WILL BE TAX TREATMENT.
THANKS IN ANTICIPATION

CA Navin Jain

CA Navin Jain (Expert)

30 September 2011 no tax treatment on sale to personal assets.

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