banner_ad

Offce Premises

This query is : Resolved 
Profile Image

Profile Image

(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 ?
Profile Image

CA R SEETHARAMAN

Profile Image

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.
Profile Image

MAKARAND DAMLE

Profile Image

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 ?
Profile Image

CA R SEETHARAMAN

Profile Image

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

MAKARAND DAMLE

Profile Image

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

CA R SEETHARAMAN

Profile Image

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

MAKARAND DAMLE

Profile Image

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

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
19 January 2022 Tax rate will be at the applicable slabs.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details