Question

Transfer of old Movable assets will be tax-free if it is used for years
చరాస్తులు ఎన్నిసంవత్సరాలు వాడిన తరువాత మార్పిడి చేస్తిపన్ను భారం ఉండదు
Ops:
a) 1.
b) 5

c) 10

d) 20
​

Answer 1

Transfer of old Movable assets will be tax-free if it is used for ten years.

• As regards the direct movement of capital assets typically include the selling, exchange or renouncement of the valuable asset.
• It also includes the gradual extinction of any protected rights therein, or the obligatory acquisition of it under some specific legislation.
• According to section 2(47), all the direct movement of movable assets is taken into account. As per current regulation, the transfer of old Movable assets being tax free is fixed if they are employed for ten years.