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Capital Gain on sale of machinery(Urgent)

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krishna patil

110 Points Posted on 23 November 2020

I have sold a jcb in 18-19 and want to file my itr under presumptive basis for business income.Is sale of machinery considered a capital gain or loss.If so please guide which itr form to file.I have been trying to file by itr 3 but i don't seem to find a column where i can fill capital gain on machinery.

Replies (2)

Quick Summary

This discussion addresses whether the sale of machinery, specifically a JCB, constitutes a capital gain or business income for tax purposes. If the primary business involves the sale and purchase of machinery, the proceeds are treated as business income, not capital gains. The appropriate Income Tax Return (ITR) form, such as ITR 3 or ITR 4, can then be used for filing.

Anoop Bansal

student

199 Points Posted on 23 November 2020

If you have business of sale and purchase of JCB nachines, then it will be business income and not Capital Gains. and You can file ITR 3 OR ITR 4 for it.