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Urgent please advice
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
Replies (6)
Which ITR Form did u filed in 2017-18?
If you charge or show depreciation on it as per incometax act then it becomes capital gain
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
Capital gain to be filled at schedule CG in ITR 3.
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.
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...
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