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Sale of car taxable or not

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Assistant
719 Points Posted on 01 November 2022
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.
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On 01 November 2022 at 10:40 Report
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SEO Sai Gr. Hosp.
211715 Points Posted on 01 November 2022

What was the treatment of assets (including Car) when the business was closed?

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On 01 November 2022 at 11:21
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Assistant
719 Points Posted on 01 November 2022
Sir; no treatment in the books. business is discontinued. it's a proprietary business.
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On 01 November 2022 at 11:29
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SEO Sai Gr. Hosp.
211715 Points Posted on 01 November 2022

When was it discontinued?

Was the sale of car in same year of closure of business?

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On 01 November 2022 at 12:05
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Assistant
719 Points Posted on 01 November 2022
It was discontinued 6 years back. Thereafter no income under pgbp head. car is selling now.
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On 01 November 2022 at 12:07
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SEO Sai Gr. Hosp.
211715 Points Posted on 01 November 2022

It will be considered as personal asset, in the year of sell.

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On 01 November 2022 at 12:29
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Assistant
719 Points Posted on 01 November 2022
Ok thank you sir
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On 01 November 2022 at 12:30
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SEO Sai Gr. Hosp.
211715 Points Posted on 01 November 2022

You are welcome..                        

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On 01 November 2022 at 12:35
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STUDENT
2 Points Posted on 01 November 2022
What are the accounting treatments For any Amount received in bank acvount for the scheme of " LAXMI BHANDAR" on West Bengal
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On 01 November 2022 at 22:48


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