a private company sold an asset for RS.2,50,000 and book value as per companies act is zero, (1)whether it is taxable or not and as short term capital gains or long term capital gains,(2)is it compulsory to reduce the value of RS.2,50,000 from WDV as per income tax act,and (3) whether GST is applicable on the sale value,(4) will it impact the MAT calculation,,,, please give answers for the four questions
1} fully taxable and type of gain will depend upon the holding period of the asset, if holding period is <12m STCG or >12m LTCG and if it is a depreciable asset then the gain is always STCG
2}Yes, asset sold during should he reduced from the block of assets
3} if the company claimed input at the time of purchase, it is liable to pay gst on sale value
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