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
- 5155 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 |
Is TDS is applicable for subscription/membership fee paid to registered council?
what is direct incom
who is liable to pay excise duty on monthly basis?or what is slab for excise duty liable to pay for monthly,quarterly ro half yearly?
We have received bill of Machine installation charges but service provider is not raised service tax in bill who is pay service tax ?
Why service tax payable is not considered while calculating Wct Tds.
what is service tax-meaning,rates for 2008-09,heads,procedure of calculating,all form of service tax,ahen service tax filled.complete information about service tax?
if i have a comany take contract from gvt. & i take contract from that company, & in his bill he show about all tax deduction ike IT, WCT etc, but material is purchase by that company not by us so here i want to know how WCT applicable? on total amount of contract or according to rule like material service & after adding all things??
what is the last date to submitted of TDS and VAT And after due date what is the fine to be payable.
What is E-1 form and whats its use?
how to calculate and submit to the concerned authority of pf,esi,pt. explaine?
V R MAKING COMMERCIAL CUM EXCISE INVOICE,THEN HOW INVOICE NUMBER CAN BE GIVEN COMBINDLY OF TAX INVOICE/RETAIL INVOICE AND EXCISE INVOICE.
Basing on what we can made TDS payment
Audit 
