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Income tax on asset
sale of furniture and sale of vehicle how to treat income when making income tax filing
Replies (9)
Quick Summary
Are you individual tax payer or run a proprietorship firm ?
Proprietor ship firm
What is the nature of your business , what goods are you trading ir you are in service business??
Sale of life style items like. watch, wallet etc..
now im going to close our business so sale of all stocks and fixed assets
now im going to close our business so sale of all stocks and fixed assets
Prepare Profit and Loss A/c, book income on cr. side of P & L A/c towards income from sale of fixed assets
Jatinder kumar. make a separate capital gain workout is mandatory or not
Not understand your query
Capital gain ?
Capital gain ?
Are you selling your business?
If the furniture and vehicle are personal effects, then the profits from their sale are personal income and hence there is no tax.If they are stocks in trade, then income will be from Business
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