If any Capital asset is purchased u/s 35AD and then it is sold will there be any capital gain
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Capital gain or not
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Any Sum received or recievable on account of any capital asset,in respect of which deduction has been allowed U/S 35AD, being demolished,destroyed,discarded or transferred shall be treated as income of the assessee and chargeable to income tax under the head "profits and gains from business or profession"
Agree with Mr.Ranjith, it should be PGBP as per section 28 of the income tax act.
thanx for the response
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