Question: thanks Chegg expert for erlier answer, please solve this one according to Indian Income tax Act,1961 ameshwarm after purchase put to use on 15-12-2015 a

 thanks Chegg expert for erlier answer, please solve this one according

thanks Chegg expert for erlier answer, please solve this one according to Indian Income tax Act,1961

ameshwarm" after purchase put to use on 15-12-2015 a 3.00,000 which is eligible for depreciation @ 15% under the Act. He sold this machine to "Ganesham" on 01-12-2016 for 3,20,000 (FMV on that date was 2,50,000), who after having used the machine for his business purposes again sold it back to "Rameshwaram" on 15-11-2017 for 3,10,000. Compute the amount of allowable depreciation and of chargeable capital gain, if any, for A.Y.s 2016-17 to 2018-19 assuming that this was the only machine in the block machine worth? of asset held by both the "Rameshwaram" and "Ganesham

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