03 March 2011
i have 4 factory gala in block of asset as on 31.03.10.....the wdv is very less as on 01.04.2010 say rs. 1 lakh as the depreciation is claimed for manuy years...one of the gala is sold in the year 2010-11 for say Rs.50 lakhs .... whether the excess amount over wdv will be considered as short term capital gain?
if no asset is purchased in the same block whether entire excess will be taxed?
can i purchase the asset after march but before filing the return of income?
CAclubindia
