Capital gain

Efiling 785 views 11 replies

An individual carrying business had a depreciable asset its WDV in his books is 600000.Now he has purchased 1300000 asset more & sold an asset for 2950000.Kindly help me out with da calculation of capital gain & tax calculation

Also how to show dis asset in the fixed asset chart 

Replies (11)

Dear Richa,

The above transaction would result into a STCL of Rs. 10,50,000/-, since the WDV of the Block has become negative.

As far as FA chart is concerened the closing wdv of this Block would be "Nil", thereby a footnote indicating the details of the transaction..

Mr.Amir i have a doubt in your reply...

Tell me it is STCL or STCG.... I think it is STCG - gain only.....

2950000-1900000=1050000...

am i right or wrong???

Dear Balaji,

Thanks Bro, Ya it should be STCG......

Thanks Amir for ur reply..Please guide me about the tax caculation on the same...

Dear Richa,

This STCG will be taxable as Normal Income, i:e if it is a case of Individual/HUF then as per Slab otherwise @ 30% in case of Company/firm.. 

Mr.Amir is right....

i want to know if company's net profit is 7,59,067.66 then how should be fill up the form ITR-v as GRoss Total Income is 9,19,067. plz help me how i can gross total income calculate?

its urgent for me.............

 

 

just give me an example to calculate Gross Total Income in ITR-V form. there lots of expenses so how could i recognize them?

is there anybody help me?

Plz post it as a new query Gowry mam....am sure some1 will help you out...

Dear Gowri,

GTI is invariably different from the net profit reported in the Profit & Loss A/c...

Reasons-

1) Different rates of Depreciation under Companies Act & Income Tax Act..

2) There may be many expenses which have been debited to P/L A/c but are dissallowed under Income Tax Act & therefore have to be added back to the figure of net profit...Like "Charity/Donation, Provisions for expenses, Provision/Payment of Income Tax/Wealth Tax, etc 

 3) Likewise there can be Incomes credited to P/L A/c which are exempt from Tax like Dividends...


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register