Query on Sec 80IA of the Income Tax Act
Goapl Goel
(Querist) 08 May 2009
This query is : Resolved
I have the following queries in respect of Sec 80 IA and Sec 50 of the Income Tax Act,1961:
We are running the construction business as well as the Internet business(ISP). We have certain assets like Optical Fiber (OFC) cable , Plant & mach., Building etc in the ISP on which we are claiming the depreciation u/s 32 of the Income Tax Act, now my queries are as under:
1. Suppose we sell the OFC to the third party, whether we have to calculate the capital Gain u/s 50 if we want to claim the 80IA deduction or I have to just reduce the sale consideration of the OFC from the block . I had clubbed the OFC in P&M block and there are various assets and value are available in the block. Pl provide your valuable opinion alongwith the case laws if any.
2. The other remaining assets of the ISP division are being transferred in a scheme of demerger to the resulting co during the year, now can I claim the deduction u/s 80IA upto the period for which undertaking is in my ownership or not. Pl clarify.
