Search Results For: depreciable assets


QUERY: Does section 50C applicable to a gift of a flat to a non-relative? What would be implication under section. 50C as well as section 56(2)(vii) if such gift is revoked afterwards?
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A gift to non relative would attract section 56(2) and would be assessed in the hands of the recipient. In such case section 50C would not be attracted. Section 50C would be attracted when there is transfer of capital assets

QUERY: If an assessee is owner of different proprietary concerns, can he get the block of assets under same group clubbed for all of his proprietary units or has to work out gain u/s 50 for the sale of assets of one of his unit?
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S. 32 of the Income-tax Act, 1961, provides for a deduction or allowance being made in respect of depreciation of building, machinery, plant or furniture owned by the assessee and used for purpose of his business or profession, [Golcha Properties Pvt. Ltd. vs. CIT [209 ITR 80 (Raj)].