In our compnay we have 6 windmill and we are claiming deduction ( profit of windmills) unit u/s 80IA. In current year we are planning to sale one windmill
My Query is
- Profit of sales of the said depreciable asset will be treated as Short Term Capital Gain u/s 50 (WDV is zero as per IT ACT)
- We have to pay STCG Tax @ 15% + applicable cess
- We have MAT credit balance and brought forward short term capital loss. Can we adjust the said remaining (after setoff the STCL) liability against MAT credit or have to pay cash.
- Can we continue to claim profit of windmill unit u/s 80IA for remaining 5 windmills?
CAclubindia
