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?
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