Sale of depreciable asset
This query is : Resolved
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?
13 January 2014
refer sec 50 in case of sale of depreciable assets.
you can use sec 54EC in case for saving tax.
you can use sec 54EC in case for saving tax.
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