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..
Menu
Sale of an asset from the block
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.
Recent Topic
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
Related Topics
CAclubindia
