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I have a a few question regarding plant and machinery. Sir you’ve said plant and machinery proceed under 6k and cost 6k are exempt like other non wasting chattels. and proceeds under 6k and cost over 6 k is normal gain calculations. and no loss is provided. what about the conditions for proceeds more than 6k and cost less than 6k ( are the gain limited like with other chattels) and what about cost more than 6k and and proceeds more than 6k are the loss also limited?.
Sir are the sell proceed to consider is gross?
Sale proceeds are gross
Normally plant and machinery are bought and sold and the proceeds, costs are withing the capital allowances computation.
I think you might be getting a bit mixed with CA comps and CGT comps for chattels.What I mean is what if we have 8k sales proceeds and 3k cost does for plant and machinery which is unusual then is the gain limited by 5/3(sales-6000)? or is it just normal gain calcualtion and also cost is 8k and sales is 3 k is the loss amount also limited.
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