Hi friends, I just need a solution about tax. I bought two bikes. First one I bought for rupees 20000 and sold for rupees 22000 and got rupees 2000 profit. Other one also I bought for same price but sold for rupees 19000 by rupees 1000 loss. So finally I gained rupees 1000 as net profit. If I would be a employee so would I pay tax for my net profit or for gross profit?
Announcement
Collapse
No announcement yet.
would I pay tax for my net profit or for gross profit? California
Collapse
This topic is closed.
X
X
-
You pay taxes on gross.
Does the use of rupees indicate that the transaction happened in India?Not everything that makes you mad, sad or uncomfortable is legally actionable.
I am not now nor ever was an attorney.
Any statements I make are based purely upon my personal experiences and research which may or may not be accurate in a court of law.
-
Comment