How will SALE OF CAR used in PRESUMPTIVE INCOME Business( (ie) the Assessee opts for 44AD and does not maintain Books) be treated in ITR ????
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Profit of Sale of Asset used in 44AD Business
Replies (5)
Quick Summary
Is That Car Is Used for Personal Purpose
No, its used for Business Purpose
We can have 2 cases:
1. If the sale of car makes the block of asset negative value or the block is empty: In such a case you are required to show such STCG as per section 50 under Schedule CG in the ITR 3 Form since you would be ineligible to use ITR 4 form because you have earned CG income.
2. If no CG accrues on account of sale of car as per section 50. ITR 4 FORM will be filed and no details of capitals gains are required to be mentioned.
Further, one may note that depreciation claim is deemed to be allowed while computing 44AD income.
1. If the sale of car makes the block of asset negative value or the block is empty: In such a case you are required to show such STCG as per section 50 under Schedule CG in the ITR 3 Form since you would be ineligible to use ITR 4 form because you have earned CG income.
2. If no CG accrues on account of sale of car as per section 50. ITR 4 FORM will be filed and no details of capitals gains are required to be mentioned.
Further, one may note that depreciation claim is deemed to be allowed while computing 44AD income.
Only two car are sold from group of Cars Hiw should it be treated in ITR ?
You need to show STCG as per section 50 under CG in ITR3 form because you're ineligible to use ITR 4 form
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