Capital gain on sale of depreciable asset

Opening WDV of Car: Rs.4,10,143/-

Sale Consideration ( 24/11/2016) : Rs. 5,00,000/-

Depreciation has been charged on car in Prevous financial years.

What will be the tax treatment of the above transaction reagrding capital gain and disclosure in financial statements?

Note: Assesse has purchased some new assets (Medical Equipments, instruments ,etc) during year on 01.11.2017. Will it make any difference on tax treatment?

Replies (4)
As per income Tax
Since block of asset ceases to exist so STCG will be 500000-410143 = 89857
Note: It has been assumed that In block of car there is only 1 car

New machinery Purchased and the old car sold will be in the same block...

No it will be of different block

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
17 August 2026
Chartered Accountant with US GAAP Experience

Austin Med Solutions Pvt Ltd

Bengaluru

CA

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
09 September 2026
Chartered Accountant

Aviv Global Private Limited

Ahmedabad

CA

View Details
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
ARTICLESHIP 14 August 2026
Article Assistant

N J Suresh & Associates

Bengaluru

CA Inter

View Details
Company
Featured 19 August 2026
Chartered Accountant

apricus india

Pune

CA

View Details
Company
18 August 2026
CA Semi Qualifies

Goyanka and Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 August 2026
CA Article Trainee

ASC Group

Noida

CA Inter

View Details