Gains on Sale of Business Asset- 2 Quick Tax Planning

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Capital gains on sale of depreciable asset of a business are separately dealt under section 50 of the Income Tax Act which provides how the gain is to be computed and that the gain shall be short term capital gains. Over a period, various issues related to taxation of the sale of  business assets on which depreciation is claimed , have got the attention of the Tribunal and High Courts, and certain decision affecting the taxation of depreciable assets have come out. This post will discuss three tax-planning tips related to gains on sale of depreciable assets.

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