Sir,
In 2016-2017 an asset was purchased for 4lac for scientific research & deduction taken was 150%(6lac). u/s 35,
now in 2017-18 same was sold for 7 lac without using for normal business.
What will be income PGBP & STCG.
Amount over and above Rs. 4 lacs shall be treated as STCG i.e Rs. 3 lacs
And balance of Rs. 4 lacs shall be treated as PGBP u/s 28 of Income tax Act 1961.
CAclubindia
