Transfer of Asset
This query is : Resolved
Vikash Goel
(Querist)
14 January 2010
Hi to all.....PLz reslove my query
One of my client has transferred a truck lorry(business of plying trucks u/s 44AE) under the instalment basis but the ownership has not been transferred yet.The transferee uses the truck now for his business purpose and pays the regular instalment.Now i want to ask will the following:
1. will this amount to tranfer and attracts capital gains or loss(assume only 1 truck in the block)
2.the instalment carries interest part also (how this will be treated in income tax)
Kindly support with and example if possible.
Thanks in advance
Vikash Goel
One of my client has transferred a truck lorry(business of plying trucks u/s 44AE) under the instalment basis but the ownership has not been transferred yet.The transferee uses the truck now for his business purpose and pays the regular instalment.Now i want to ask will the following:
1. will this amount to tranfer and attracts capital gains or loss(assume only 1 truck in the block)
2.the instalment carries interest part also (how this will be treated in income tax)
Kindly support with and example if possible.
Thanks in advance
Vikash Goel
14 January 2010
If there is no transfer of ownership then no capital gain.
14 January 2010
If interest is in normal course of business, it would be Income from business and profession
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
