meaning of Loom hours
This query is : Resolved
31 July 2010
please tell me the meaning of loom hours in income tax under the head of capital gain on transfer of self generated assets
plese tell me
plese tell me
VINOD ARORA
(Expert)
02 August 2010
Loom Hours are basically a right to perate looms allocated on the basis of certain logic to various operators. In view of restricted availability of those working hours, the same carry a premium value if the same are transferred to desiring person.
Under section 2(14) of the Income Tax Act,1961 Capital Asset is defined as property of any kind held by assesse including property held for his business or profession. It includes all type real property as well as all rights in property. It is also defined as gains on transfer of assets in which there in no cost of acquisition like:
•Goodwill of business generated by assessee
•Tenacy rights
•Stage carriage permits
•Loom hours
•Right to manufacture
•Processing & production of any article or things
Cost of Aquisition where the capital asset is goodwill of a business, tenancy right, stage carriage permits or loom hours, is the purchase price paid, if any, or else nil.
Under section 2(14) of the Income Tax Act,1961 Capital Asset is defined as property of any kind held by assesse including property held for his business or profession. It includes all type real property as well as all rights in property. It is also defined as gains on transfer of assets in which there in no cost of acquisition like:
•Goodwill of business generated by assessee
•Tenacy rights
•Stage carriage permits
•Loom hours
•Right to manufacture
•Processing & production of any article or things
Cost of Aquisition where the capital asset is goodwill of a business, tenancy right, stage carriage permits or loom hours, is the purchase price paid, if any, or else nil.
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