If a car was used in the business & depreciated @ 15% & that business was closed 6 yrs back. Now the sale of that car will be treated as a depreciable asset & liable to tax under short term capital gain?? or no tax because of personal asset ??
plz reply.
Menu
Sale of car taxable or not
Replies (8)
What was the treatment of assets (including Car) when the business was closed?
Sir; no treatment in the books. business is discontinued. it's a proprietary business.
When was it discontinued?
Was the sale of car in same year of closure of business?
It was discontinued 6 years back. Thereafter no income under pgbp head. car is selling now.
It will be considered as personal asset, in the year of sell.
Ok thank you sir
You are welcome..
What are the accounting treatments For any Amount received in bank acvount for the scheme of " LAXMI BHANDAR" on West Bengal
Recent Threads
- TDS on sale of property where consideration is Rs.
- Treatment of intraday profit and fno loss in,ITR
- Regarding Conveyance allowance
- HRA from one employer but not from the other
- Grandparents gifts Rs.5 lakhs to a grandchild - Wh
- AY2025-26 ITR-3 has been added now to the Common O
- Request for Advice on Housing Loan Tax Benefit Eli
- Contest Time barred ADT-02
- Form 26QB error, how to claim refund
- Turnover limit for goods & service
Related Threads
CAclubindia
