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Profit of sale of computer

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(Querist)
26 July 2016 if assessee has sold computer and bought in place of it another computer by paying some excess cash? is there any tax applicable to it?
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
27 July 2016 Yes Income tax is applicable as the Income tax is calculated on accrual basis and not payment basis

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