tax exemption on sale os assets
This query is : Resolved
Ajay Goswami
(Querist)
11 May 2009
Sir,
Case:
The property registered in the name of Firm M/s ABC.
The firm sold out its depreciable assets
on Say 10th May 2009.
Would it eligible for any kind of Tax exemtion u/s 54 etc.
And whether total gain will mbe taxable as STCG
pl clarify
Case:
The property registered in the name of Firm M/s ABC.
The firm sold out its depreciable assets
on Say 10th May 2009.
Would it eligible for any kind of Tax exemtion u/s 54 etc.
And whether total gain will mbe taxable as STCG
pl clarify
CA.MANOJ LAMBA
(Expert)
11 May 2009
gain on depreciable assets is STCG.no benefit is available u/s 54
Ajay Goswami
(Querist)
11 May 2009
Sir,
Suppose the above case relates to Non depreciable assets|??
Then what should be treatment??
Suppose the above case relates to Non depreciable assets|??
Then what should be treatment??
12 May 2009
Benefit u/s 54 is allowable only for individuals or HUF's.
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