Closure of business and sale of business asset

As per Section 50 of Income Tax Act,1961 as u sold all your assets and now your block ceases to exists there no depreciation will be charged for Financial Year 2017-18. Also there will be a Short Term Capital Gain as per Section 50 as your block ceases to exists. There is no relevance of 3 years Holding period for Depreciated Assets as per Block.

CAPITAL GAIN HOGA YA BUSINESS INCOME MANA JAYEGA?

Obviously Capital Gain Mam.

But u also have the option to get exemption from that capital Gain Tax.

BT SIR WDV 420000 ,PURCHASE PRISE =720000 AND SALE RS 560000....

SECTION 54 KE EXEMPTION MILENGE?

Mam as your Purchase price is 720000.

You had already taken a benefit as a depreciation every year.

Today your asset value is 420000 and you had gain more than that. Thats why it is taxable.

As in Block Type of asset it is a group of assets.

If your block ceases to exists and you had a gain then you will be liabe for tax.

Also regarding Exemption as you can invest in 54 sections.

SORRY ....IF U DONT MIND SIR CAN I CALL U ......M CONFUSE

Sorry i wont share here my no.

But u can get in your personal msg.

Check over there.

NO, Its a Taxable amount.