Capital Gain on Sale of Vehicle used for commercial purpose

[Naren Arora]

Dear Learned Member,

Mr. A who is running vehicle for commercial purpose and availing  presumptive income scheme U/s 44AE.  During the year 2014-15 he sold one of his vehicle at a cost of Rs.90,000/-

Will he be liable to calculate capital gain on his sale of vehicle.?

regards

Narendra 

 

[CA Hitesh]

Truck is a capital asset for transporter of goods so if he sell the truck & there remains no other vehicle so the gain or loss will be taxable under the head capital gain. In case there are more than 1 truck the sales consideration will be credited in the block. For more clarity you may contact:

Best Regards

Hitesh Juneja & Associates ǀ Corporate Specialist

Branches - Delhi ǀ Mumbai 

"Where Relationship Matters"                                   

p. +91 9015927513  m. +91 9711127375 | +91 9953426612

e hmcorporat...@gmail.com

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[Naren Arora]

thanks

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