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Treatment of Truck sold
what will the tax treatment for truck sold which was earlier considered under presumptive taxation scheme??
Replies (1)
As per section 44AE of IT act, depreciation should be calculated and deducted from the value of the asset to determine the WDV of the block of asset as per the provisions of Income Tax Act under section 32.
So, any gains received over and above the value of the block of asset will be STCG, if block ceases to exist.
Otherwise reduce the sell amount from the block.
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