Section 75 — Special provision for cost of acquisition in case of depreciable asset
Old Act equivalent: Section 50 of IT Act 1961 Sub-part: E.—Capital gains
Statutory Text
If depreciation has been obtained under section 33(2)for a capital asset in any tax year, the provisions of sections 72 and 73 shall apply subject to the modification that the written down value, as defined in section 41, of the asset, as Special provision for computation of capital gains in case of Market Linked Debenture.
Sub-sections
None extracted from PDF.
Provisos
None.
Explanations
None.
Tables
Table 1:
adjusted, shall be taken as the cost of acquisition of the asset.
Key Structure
- Applies to: All assessees who have obtained depreciation under section 33(2) for a capital asset in any tax year.
- Asset type: Capital asset for which depreciation has been obtained under section 33(2) (individual depreciable asset, as distinct from block-of-assets treatment under section 74).
- Conditions: Where depreciation has been obtained under section 33(2), the written down value as defined in section 41, as adjusted, shall be taken as the cost of acquisition of the asset for the purposes of sections 72 and 73.
- Time limits: None specified in this section.
- Monetary limits: None specified in this section.
- Exceptions: None specified in this section.
Cross-References
- s072-computation — this section modifies the cost of acquisition used in computation under section 72.
- s073-cost-acquisition — this section modifies the cost of acquisition for purposes of section 73.
- Section 33(2) (not yet ingested) — depreciation provision that triggers the application of this section.
- Section 41 (not yet ingested) — defines the written down value used as deemed cost of acquisition.
Amendment Notes
None noted from the extracted pages.