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?
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 |
What is WHT (With Holding Tax)and how can i calculate? please give the example for understanding?
what is the Intrest Rate for CST Delay Payment
1 Answers ABC, Amico, Vertimo,
Is t.d.s deducted on Freight including Service Tax ?
Our business is an international call center. we are selling antivirus which is buying rs 200 & selling Rs 4500.what will be the purchase & sales.& what will be taxation processor to calculate tax
mr. x earns a salary of rs. 34000 p.m, but mr. x assures that he is going to produce investment suppoting of rs. 69000 eligible u/s 80C but fails to produce how to throughtout the F.Y ho to calculate tds per month???
What is MAT? and whom its applicable and what its rate?
What is Labour Cess? Pl. define. & what is rate of Labour cess.
If any new form open than we are able to deduct TDS on first year
Please expain TDS like return time or % of rate and how to calculte. All Details regarding to TDS.
I have two sons & 10lacs money which is from my arrear how I can save more tax ?.......Can I give them gift 5lakh each which neither taxable for my son nor for me...........?
what is the scope of business taxation in private company?
WHAT IS THE LAST DATE FOR PAYMENT OF TAX OF EXCISE DUTY IN CASE OF ( SSI ) UNIT .