Offce Premises
This query is : Resolved
Quick Summary
MAKARAND DAMLE
(Querist)
18 January 2022
Assessee is having 2 office premises of which one office is given on rent and other for own business
Rented office till Sept 20 was given on rent and in october sold .
My question is
Whether excess received on sale value minus wdv will be taxable as business profit ?
For calculation of depreciation under income tax whether from block of asset of office premises sale proceeds of office need to be reduced and depreciation on balance will be available ?
Rented office till Sept 20 was given on rent and in october sold .
My question is
Whether excess received on sale value minus wdv will be taxable as business profit ?
For calculation of depreciation under income tax whether from block of asset of office premises sale proceeds of office need to be reduced and depreciation on balance will be available ?
CA R SEETHARAMAN
(Expert)
18 January 2022
From block of asset of office premises sale proceeds of office need to be reduced and depreciation on balance will be available.
MAKARAND DAMLE
(Querist)
18 January 2022
Thanks for your reply
Also my question is
Whether excess received on sale value minus wdv will be taxable as business profit ?
Also my question is
Whether excess received on sale value minus wdv will be taxable as business profit ?
CA R SEETHARAMAN
(Expert)
18 January 2022
Yes, it's business profit will go to reduce block of assets.
MAKARAND DAMLE
(Querist)
18 January 2022
excess received on sale value minus wdv will be taxable as business profit or short term capital gain >
CA R SEETHARAMAN
(Expert)
18 January 2022
It's short term capital gains.
MAKARAND DAMLE
(Querist)
19 January 2022
What will be the tax rate ?
CA R SEETHARAMAN
(Expert)
19 January 2022
Tax rate will be at the applicable slabs.
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