Treatment of gain on car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 May 2012
What would be the treatment of gain on car according to income tax act, if block is exist?
chaitanya cherukuri
(Expert)
16 May 2012
Deduct the net consideration from Block
16 May 2012
1. If the sale price of the car is less than the opening WDV + Purchases, then reduce the amount of sale from the (Opening WDV + Purchases). On the balance amount depreciation shall be charged.
2. If the sale price exceeds the (Opening WDV + Purchases), then the difference shall be short term capital gain u/s 50.
2. If the sale price exceeds the (Opening WDV + Purchases), then the difference shall be short term capital gain u/s 50.
Message likes :
1 times
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- 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
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
