Sir,
In 2016-2017 an asset was purchased for 4lac for scientific research & deduction taken was 150%(6lac). u/s 35,
now in 2017-18 same was sold for 7 lac without using for normal business.
What will be income PGBP & STCG.
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sec.35
Replies (4)
Amount over and above Rs. 4 lacs shall be treated as STCG i.e Rs. 3 lacs
And balance of Rs. 4 lacs shall be treated as PGBP u/s 28 of Income tax Act 1961.
And balance of Rs. 4 lacs shall be treated as PGBP u/s 28 of Income tax Act 1961.
okk
..
what will, if the asset is sild for 3lac
..
what will, if the asset is sild for 3lac
3 lac will be business income...
am i right sir.
am i right sir.
Correct.. 3 lac shall be your PGBP income
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