My old car price remain in year 2009-2010 Rs22900/- I sold it for Rs.74000/-in year 2010-2011 and in same year I purchased new car at Rs. 374945/- hence is there any capital gain ? if yes how much ?
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Capital Gain Exm.
Replies (4)
First of all i am very surprised how you could sell an old car at a higher rate.
Second thing is whether it is a business or a non business assessee.
If it is a business then you will have to adjust with the block and see if there is any gains in the block, If there is a negative figure that is a STCG.
is used for business or personal use
when wdv is declared then its for business, and such gains are short term gains, to be reflected in P/L as "STCG on depriciable assets sale", taxed with net income of the business.
| Originally posted by : U S Sharma | ||
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when wdv is declared then its for business, and such gains are short term gains, to be reflected in P/L as "STCG on depriciable assets sale", taxed with net income of the business. |
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agreed
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