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 |
Please let me know the where i submit the manual tds return. & what is the proceser of etds return. Deepak
Which form we use for depositing works contract TDS?
how much tds deducate on hotel party arrange by company
how to minted the account what is deprecation a/c entire
What is TDS rate of Salary head?
what is tds and why its charged on pament or receipt
for whom it is paid? what is the percentage for thta
What will be journal entry for TDS deducated from an freight payment of RS. 15000.00 , applicable TDS rate is 2.266%
Breif discription of excise duty ?
(I paid TDS through the bank a/c. but i entered wrong TAN no. instead of HYDC04387F I ENTERED HYDCO4378F ,and pl. tell me what can i do and how can i change TAN no.)" in above situvation which i pay the amount credited to our company name then what will i do,file the return or anything to do
when wct@8.75% is charged from the vendor. How much TDS has to be deducted against it??
1.meaning of income tax,service tax,central excise,esi7pf 2.methods of filling above taxes? 3.methods of payment of taxes?