Tax Treatment on Profit / Loss from Sale of Car / Machinery
This query is : Resolved
14 May 2023
Respected Experts,
What is the Tax Treatment if a Car or Machinery Sold by a Company (Any kind firm, Proprietary, Ltd )
Can we need directly add it in to the P&L account as profit / or Loss from sale of Car or Machinery and assess Taxes at normal slab rate.
Or do we need to assess them under Capital Gains?
Kindly advise
What is the Tax Treatment if a Car or Machinery Sold by a Company (Any kind firm, Proprietary, Ltd )
Can we need directly add it in to the P&L account as profit / or Loss from sale of Car or Machinery and assess Taxes at normal slab rate.
Or do we need to assess them under Capital Gains?
Kindly advise
14 May 2023
Capital gains will not arise in case of depreciated assets.
The sale value for the purpose of taxation can be credited to the block value of assets under income tax depreciation.
Financial books profit credit to p and l.
The sale value for the purpose of taxation can be credited to the block value of assets under income tax depreciation.
Financial books profit credit to p and l.
14 May 2023
Respected sir,
Thank you for the detailed clarification.
Hope, Sale of Jewellery comes under shall Capital Gains.
Thank you for the detailed clarification.
Hope, Sale of Jewellery comes under shall Capital Gains.
14 May 2023
Yes, it's capital gains
17 May 2023
Thank you so much sir for your valuable advise !
It helps a lot for Practitioners like me.
It helps a lot for Practitioners like me.
17 May 2023
You are welcome....
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