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Urgent please advice

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110 Points Posted on 23 November 2020
I have sold a jcb in 18-19 and want to file my itr under presumptive basis for business income.Is sale of machinery considered a capital gain or loss.If so please guide which itr form to file.I have been trying to file by itr 3 but i don't seem to find a column where i can fill capital gain on machinery.business is of site preparation works
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On 23 November 2020 at 23:10 Report
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8 Points Posted on 23 November 2020
Which ITR Form did u filed in 2017-18?
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On 23 November 2020 at 23:26
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5895 Points Posted on 24 November 2020
If you charge or show depreciation on it as per incometax act then it becomes capital gain
57 Reply
On 24 November 2020 at 00:18
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12244 Points Posted on 24 November 2020
Definitely you would have used jcb for business purposes only. what's the opening wdv of the block? what's the sale price of jcb? whether you purchased any new jcb? above are few factors to decide whether if there's any ST capital loss or gain. better you post depreciation table or schedule so that the experts can compute accurately
35 Reply
On 24 November 2020 at 02:42
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205 Points Posted on 24 November 2020
Capital gain to be filled at schedule CG in ITR 3.
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On 24 November 2020 at 21:17
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110 Points Posted on 24 November 2020
Putchased new jcb and never filed a return before 18-19 so no question of claiming depreciation.it was a short term capital loss.looking for filing return under presumptive basis.
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On 24 November 2020 at 21:21
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12244 Points Posted on 25 November 2020
Data input is not sufficient to answer your query. you can't straight way state it as stcl or stcg. this aspect has lots of nuances. atleast post the details of purchase cost, date of purchase...
35 Reply
On 25 November 2020 at 02:26


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