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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.
211621 Points Posted on 01 November 2022

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

581 Reply
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.
211621 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.
211621 Points Posted on 01 November 2022

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

581 Reply
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.
211621 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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