tax treatment on sale of truck
This query is : Resolved
13 April 2010
dear all,
pls tell me
what will be the tax treatment on sale of truck on profit which was included in the block of asset for 5 yrs. by a limited company.
pls tell me
what will be the tax treatment on sale of truck on profit which was included in the block of asset for 5 yrs. by a limited company.
14 April 2010
if there is any other asset in the block, then actual consideration received will be reduced from the existing block and depreciation provided on the balance.
If there is no other asset in the block, then any gain will be taxed as Short term capital gain.
If there is no other asset in the block, then any gain will be taxed as Short term capital gain.
30 April 2010
Agree with kartik.
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