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Fixed assed profit
dear seniors please tell me of we have a car in fixed asset and every year we claim depreciation on it then profit of sale of that car we have to show in capital gains. then indexation cost is applicable on it or not.
Replies (18)
Quick Summary
No indexation benefit in respect of depreciable assets. Gain/loss on the basis of WDV will be taken to P&L account.
No indexation cost is not applicable. Take the profit to
P/L account
P/L account
Dear sir
when i put the figures in depreciation chart it will auto take it in capital gain . please clarify what i have to do
when i put the figures in depreciation chart it will auto take it in capital gain . please clarify what i have to do
No indexation will be allowed. Further nature of capital gain /loss would be short term.
No indexation on depreciable asset, and you op. wdv is your cost of acquisition. The difference between the op. wdv and sale value is your capital gain/Loss.
Agree with my previous answer
Sir when i feed entries in my software clear tax it will take into capital gain or any other tax filling software
In software it will calculate gain automatically, for further msg me
There will be no problem in case capital gain will be calculated
So sourav sir where we treat the entry in capital gain or profit and loss account
Agree with Ankit Ji
Dear ankit ji please clarify it in breifly.. software is calculating tax as per short term capital gain instead of profit and loss
If you are calculating this gain for individual, gain or loss will be Cr/Dr to capital account.
in any other case it will go to PandL and in income tax act sale amount deduct from plant and machinery block. after deduction if any balance is there then calculate dep on it. if there is no asset in the block then short term cap gain or loss will arise.
in any other case it will go to PandL and in income tax act sale amount deduct from plant and machinery block. after deduction if any balance is there then calculate dep on it. if there is no asset in the block then short term cap gain or loss will arise.
DEPRECIABLE ASSETS ARE COVERED UNDER SHORT TERM CAPITAL GAIN ON SALE. INDEX COST IS NOT APPLICABLE FOR STCGAIN/LOSS
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