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.
Sale of car taxable or not
Replies (8)
Quick Summary
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..
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