Writing off of asset (building) and section 50c
This query is : Resolved
06 November 2014
Section 50C is applicable on sale of immovable property ie land or building or both. Whether section 50C will be applicable if building is dismantled / destructed and written off and no consideration thereof is received ? What will be the effect of writing off on depreciation for that block of asset ie building?
06 November 2014
50C should not apply once the asset itself is not in existence..
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