Regarding sale of asset.......
Querist : Anonymous
suppose,i purchased an asset in 10 years back at an amount of rs. 1000000. Today its w.d.v is 100000. if i sale it rs. 2000000 than what should be its treatment in income tax. Is fully rs. 1900000 is STCG or 900000 is business profit and 1000000 is STCG? and what is tax liability? and only one asset is in block.
So, in this case, Rs. 19 lakh (20 lakh - 1 lakh) shall be taxable as STCG u/s 50.
Querist : Anonymous
Querist : Anonymous
sir, if it is related with electrical installation or building or plant & machinery, answer will be same or differ?
2. Answer will be same for ALL depreciable assets.
Querist : Anonymous
There is NO concept of depreciation for part of the year in income tax.
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