Interested to Buy Any Domain ? << Click Here >> for more details...
A person buys and sells a number of vehicles in a tax year
and makes a significant amount of profit in the process.
Will such profit be taxable as capital gain?
- 3 Answers
- 5268 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / grace
since he regularly buys and sells it is like his business
hence taxable under PGBP
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / ajoy kumar rai
NO, SUCH PROFIT WON'T TAXABLE AS CAPITAL GAIN. PROFITS
ARISING AFTER A LONG PROCESS ARE TERMED AS CAPITAL PROFITS.
FOR EX- SALE OF OLD MACHNERY, DIVIDEND ETC.
REGARDING THE QUESTION,IT SHOWS A REGULAR INCOME. THERE4
IT WILL B TREATED AS PGBP.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / harshit malviya
such profit is taxable under PGBP head as the assets are
treated as stock of business and the business of assessee
is trading in vehicles.
| Is This Answer Correct ? | 1 Yes | 2 No |
Who is exempted from registration and payment of tax under AP VAT ACT
In advance c form dvat why not showing the amount in form verification
what is the meaning of TDS.AND it will be what percentage.who is supposed to pay TDS.
We are generally give order to the printing company for printing our uniqe file,calender,sovenour,answer sheet,envelop etc, when company submite the bill it charge the bill includes vat@4%, so can we deduct the TDS on total invoice value or only cost amount (exclude the vat).
if i sale goods on dt 30.06.09 but calcutta party received it on 07 july ,so the party issue to form C for which quarter
What is the basic reason behind not using anyother depreciation rates Means Why can't we use any rates lesser than applicable rates?
WHAT IS SHEDULE , HOW MANY TIPE OF SHEDULE IN COMPANY & PARTNERSHIP FIRM , WHAT IS IN EACH SHEDULE HEAD CONTAIN , PLEASE GIVE ME THE ANSWER ON MY E.MAIL sonidilip87@yahoo.com
TDS is refundable?if yes or not give reason.
4 Answers IT Consulting Services,
What is the differance between vat and tds d-vat and can we take benefit from it. for example if we sells to some one the entry is Dr. ram A/c 10000 Cr. Sales@4% 9600 Cr. Output vat@4% 400 now we received the cheque agst. sell the entry is Dr, Bank A/c 9573 Dr. Tds d-vat Receivable A/c 200 Dr. Tds Income Tax A/c 227 Cr. Ram A/c 10000 now If We recd. the Tds D-vat Certificate from our Debtor (Ram) What is the entry.....?????? and how can we get the benefit of it...???
ON WOODEN FURNITURE EXCISE IS APPLICABLE OR NOT ?
Dear All, Please help me in VAT/CST I would like know about full detail of Vat-1.Rate,2.Form No. & everything which is convern about CST/VAT Thanks Sanjay Kumar
IF WE BOOK PURCHASE AS EXPENDITUR.THE CAN BE ISSUE C-FORM AGAINST THAT PURCHASE
Audit 
