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regarding short term capital gain
I have openings wdv of 148000 OF CAR exchanged in month Oct for 160000 , in book of account I have entered short term capital gain RS 12000 , because block exist no capital gain will arise as per section 50 of INCOME-TAX ACT , how i can reduced such income from computation so it will not taxable under income tax act .
Replies (4)
Reduce the block of assets by 1.60 L ...
BUT WHAT WILL BE TRAT
one assets sold out of 15% bloick at rs 160000 having wdv 148000 I HAVE BOOKED PROFIT ON SALE OF ASSETS IN BOOKS OF ACCOUNT BECAUSE BLOCK EXISTING SO NO SHORT TERM CAPITAL ARISE, WHILE I ENTERED P&L IN SOFTWARE FOR COMPUTATION OF INCOME SUCH PROFIT INCLUDE SO I HAVE TO REDUCED FROM PROFIT .
MY QUERIES IS IF I REDUCED PROFIT ON SALE OF CAR UNDER WHICH HEAD I WOULD SHOW SO THERE WILL NO ANY TAX IMPLICATION
When the value of the block reduces to zero, any excess amount received over the sell of asset/s will be STCG only. You cannot adjust the gain under any other income but only against any STCL. if arises in previous year.
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