Forums
Back
Sec 35AD(7A)
Direct Taxation
As per Sec 35AD(7A), Any asset in respect of which a deduction is claimed and allowed under the section 35AD shall be used only for the specified business for a period of 8 years beginning with the previous year in which such asset is acquired or constructed. Say an asset is purchased on 31/3/2021. Deduction can be claimed in that P.Y. 2020-21 and the asset should be used for another seven F.Ys. 2020-21 is also counted for the 8 years calculation. Am i right?
Answers (2)
Your Reply