Gain of Sale of P&M and Factory shed (Where No Depreciation Has been Claimed)
This query is : Resolved
28 August 2023
Partnership Firm Sold P&M and Factory shed (on Which No Depreciation has been Claimed Under IT Act)
Assesse Shows Income in P&L under Indirect Income Head
My Query is :-
1) Whether it Will be Covered under Section 50 (STCG) or LTCG Will Arise ?
2) While Doing Tax Audit Net profit in Point No .40C will Taken Inclusive of Gain Profit on sale of fixed assets or To be Excluded?
Assesse Shows Income in P&L under Indirect Income Head
My Query is :-
1) Whether it Will be Covered under Section 50 (STCG) or LTCG Will Arise ?
2) While Doing Tax Audit Net profit in Point No .40C will Taken Inclusive of Gain Profit on sale of fixed assets or To be Excluded?
28 August 2023
1 It's long term capital gains when depreciation is not claimed on both machinery and shed.
2 To be excluded.
2 To be excluded.
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