We are a partnership firm and recently sold capital assets of book value about 3 lacs and consideration is about 52 lacs, invested the proceeds of rs 50 lacs in Bonds of rec, now for the purpose of income tax return what value is to be taken as purchase of these disposed assets, (our purchase value 18 years back was about rs 15 lacs and assets were added later on also now book value stands at rs 3 lacs). And value of balance assets is about rs 45000/= (depr calculated on balance assets which is about rs 8500/+
kindly let us know the position as per income tax the value to be taken as acquisition and improvement sale expense is say 10000/=
assets include plot building and used machinery.
thanks
inderjeet
CAclubindia
