Question

what is the sale of old assets​

Answer 1

Answer:

An asset sale occurs when a bank or other type of firm sells its receivables to another party. A type of nonrecourse sale, it occurs for a variety of reasons, including to mitigate asset-related risk, obtain free-cash flows, or for liquidation requirements. Asset sales can, and often do, affect a company's net income.

Answer 2

Under Section 50 of Income Tax Act, if you have sold a capital asset forming part of a block of assets, including building and machinery, on which the depreciation has been allowed under the law, the income arising from the sale is treated as short-term capital gain