There is no capital gain as the assets were not sold but rather destroyed fire. Capital gains

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There is no capital gain as the assets were not sold but rather destroyed fire. Capital gains tax is applicable only when an asset held for more than one year is sold. This tax is imposed on the profit generated from selling or disposing of an asset that has increased in value. The taxable amount is the gain made from the transaction, not the total money received

Posted Date: May 18, 2024 03:04 PM

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There is no capital gain as the assets were not sold but rather destroyed fire. Capital gains

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