13 January 2014
A pvt ltd company is planning to sell its plant & machinery (Wind Power Project)(depreciation rate @80% as per Income Tax). The WDV as per IT is Nil and the sales proceeds are approx. Rs 1 Cr. The gain in my opinion is short term capital gain subject to tax @ 30%. Is it correct? Also is there any way to save this short term capital gain tax?
CAclubindia
