Finology
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Offce Premises

This query is : Resolved 

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 ?

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.


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 ?


18 January 2022 Yes, it's business profit will go to reduce block of assets.

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



18 January 2022 It's short term capital gains.

19 January 2022 What will be the tax rate ?

19 January 2022 Tax rate will be at the applicable slabs.



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