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Capital Gain Exemption On Sale

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Articleship
82 Points Posted on 20 June 2021
Is exemption available on Capital Gain for commercial property sold by a company assessee on which depreciation is claimed under Income Tax act and in under which section ??
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On 20 June 2021 at 12:49 Report
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My grammar is 💯 good I
7301 Points Posted on 20 June 2021

I  think there is no exemption on capital gains and it’s mandatory. 

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On 20 June 2021 at 13:08
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My grammar is 💯 good I
7301 Points Posted on 20 June 2021

I also think you will be claiming last periods depreciation plus this years if you have a policy to claim in arrears. Because once you classify the asset is held for sale, depreciation ceases. 

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On 20 June 2021 at 13:11
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tax consultant
3306 Points Posted on 20 June 2021
I think taxability may not arise.
if there are other assets in the block then capital gains might not arise.

capital gain would arise only when the block turns negative or when that asset which was sold was the last asset in the block
9 Reply
On 20 June 2021 at 13:12
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Chartered Accountant
24588 Points Posted on 20 June 2021
No there is no such exemption, CG is mandatory
129 Reply
On 20 June 2021 at 13:49
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2742 Points Posted on 20 June 2021
Capital Gain is changeable to tax, if on depreciable assets block is finished
9 Reply
On 20 June 2021 at 16:32

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