Offce Premises

This query is : Resolved

MAKARAND DAMLE (Querist)
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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 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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

MAKARAND DAMLE (Querist)
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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 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 January 2022 Yes, it's business profit will go to reduce block of assets.

MAKARAND DAMLE

MAKARAND DAMLE (Querist)
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18 January 2022 excess received on sale value minus wdv will be taxable as business profit or short term capital gain >

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 January 2022 It's short term capital gains.

MAKARAND DAMLE

MAKARAND DAMLE (Querist)
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19 January 2022 What will be the tax rate ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 January 2022 Tax rate will be at the applicable slabs.

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