banner_ad

Sale of an asset from the block

Tax queries 387 views 5 replies

What will be the Income tax treatment for sale of a car from the block of 15% ? Which sold higher than the WDV as per companies act.. 

Replies (5)
IF car is sold then there will arise Short term capital gain .....WDV as per Income tax shall be copared for this purpose.... u have to find out WDV value as per income tax and than compared the sale consideration wth ...relisable..value...

Thank you for your words. One more thing, Whether we have to look the WDV of specific asset  (car) or the WDV of the whole block ? The other assets in the block are equipments, fridge etc... If look into the whole block, there is no capital gain but considering the motor car specifically, there is a chance of capital gain..

There is no capital gain, if the sale value of the motor car doesnt exceeds WDV of 15% block as per IT Depreciation statement. 

I agree on that, but the block haven't any other motor car. So can we consider the WDV of whole block ?

 

 

Sir, You can consider the WDV of the whole block for the purpose of capital gain, if the sale value exceeds the WDV of whole block.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details