Transfer of Asset
This query is : Resolved
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
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