If any Capital asset is purchased u/s 35AD and then it is sold will there be any capital gain
Capital gain or not
Ankush sharma (Auditor Article Assistant) (816 Points)
22 August 2012
3 Replies
ranjithsingh
(Chartered Accountant)
(153 Points)
Replied 22 August 2012
Any Sum received or recievable on account of any capital asset,in respect of which deduction has been allowed U/S 35AD, being demolished,destroyed,discarded or transferred shall be treated as income of the assessee and chargeable to income tax under the head "profits and gains from business or profession"
CA Ashish Pathak
(Employed at Cipla Ltd.)
(2779 Points)
Replied 22 August 2012
Agree with Mr.Ranjith, it should be PGBP as per section 28 of the income tax act.
Ankush sharma
(Auditor Article Assistant)
(816 Points)
Replied 22 August 2012
thanx for the response
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