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
Ankush sharma (Auditor Article Assistant) (816 Points)
22 August 2012
If any Capital asset is purchased u/s 35AD and then it is sold will there be any capital gain
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
Ankush sharma
(Auditor Article Assistant)
(816 Points)
Replied 22 August 2012
thanx for the response
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
