I have a doubt.
When patent is transferred,the amount received will be chargeable to tax under which head?
Will it be chargeable to tax under the head profits and gains of business or profession or adjusted against value of block of assets?
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Tax related doubt
Replies (2)
The definition of capital assets include patents and copyrights.. hence the transfer of patents will be charged under capital gains... not under PGBP.
Patents form part of intangible assests so if u have considered it so n it forms part of block of assests on which depreciation has been claimed on year to year basis thn sale of of the same will b subject to capital Short term capital gains under section 50.. ...else it will b capital gains...(long term or shorm term depending upon period of holding) .
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