9911796707
TMI BlogComputation of actual cost.X X X X Extracts X X X X X X X X Extracts X X X X ..... idy, grant or reimbursement, by whatever name called, if any, relatable to the acquisition of the asset, received by the assessee from- (i) the Central Government; (ii) a State Government; (iii) any authority established under any law; or (iv) any other person. (2) The payment or aggregate of payments exceeding ten thousand rupees in a day for acquisition of an asset, made to a person in a mode otherwise than by specified banking or online mode, shall be excluded from the actual cost of the asset. (3) In a case where the subsidy, grant or reimbursement referred to in sub-section (1)(d) is not directly relatable to the asset acquired, the amount of reduction under sub-section (1)(d) shall be determined as under: 𝐴x(⻒ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to previous owner as reduced by the depreciation allowable up to the immediately preceding tax year, as if such asset was the only asset in the relevant block of asset. 5. Where a building, being the property of the assessee, is put to use for the purpose of business or profession during the tax year. Actual cost of the building as reduced by the depreciation- (a) that would have been allowable had the building been used for the purpose of business from the date of acquisition; and (b) calculated at the rate in force on the date on which such asset was put to use for business. 6. Where capital asset is transferred by- (a) a holding company to its subsidiary company; or (b) a subsidiary company to its holding company, and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10. Where the assessee had acquired an asset outside India, as a nonresident, and the asset is brought by him to India and put to use in business or profession in India. Actual cost of the asset as reduced by the depreciation-- (a) that would have been allowable had the asset been used for the purpose of business or profession in India since the date of its acquisition; and (b) calculated at the rate in force. 11. Where capital asset is acquired under the scheme of corporatisation of a recognised stock exchange approved by the Securities and Exchange Board of India. Actual cost of the asset, as if there was no corporatisation. 12. (a) Where deduction under section 46 was allowed or allowable in respect of the capital asset- (i) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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