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transfer of land held as current asset to fixed asset

Started by bsmugan, April 08, 2010, 07:42:04 PM

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bsmugan

A company proposes to transfer vacant land held by it as current asset into fixed asset during the year.

Whether, the market value (value u/s 50C) and the cost will be taxed as income from business?

If yes, when ? whether during the current year or at the time sale of asset?

thanks & regards
b shanmuganathan