UNABSORBED DEPRECIATION & CAPITAL GAINS
This query is : Resolved
01 November 2009
My attempt of PCC is in Nov 2009 & I have got the following queries:
1:Is unabsorbed depreciation allowed as a set off against Income Chargeable under the Head Salaries?
2:Since capital gains on sale of shares,subject to payment of STT is exempt from Tax,when is indexing done for finding out the cost of acquisition while computing capital gains on equity shares?
Thanks & Regards
1:Is unabsorbed depreciation allowed as a set off against Income Chargeable under the Head Salaries?
2:Since capital gains on sale of shares,subject to payment of STT is exempt from Tax,when is indexing done for finding out the cost of acquisition while computing capital gains on equity shares?
Thanks & Regards
02 November 2009
1. No, unabsorbed depreciation is not allowed as a set off against Income Chargeable under the Head Salaries.
2. Indexing for cost of aquisition is done in case of sale of shares where STT is not paid or applicable
2. Indexing for cost of aquisition is done in case of sale of shares where STT is not paid or applicable
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