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India: Tax treatment of depreciable asset, vacancy allowance, employee uniforms

India: Tax treatment of depreciable asset

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).


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  • Depreciable asset is short-term asset, eligible for exemption: The Supreme Court of India held that even though a depreciable asset is treated as a short-term asset, it is eligible for an exemption under a special provision for computing capital gains of depreciable assets. T The case is: V.S. Dempo Company Ltd. Read a September 2016 report [PDF 289 KB]
  • Vacancy allowance availability: The Mumbai Bench of the Income-tax Appellate Tribunal held that a vacancy allowance cannot be asserted when the property was not let out during the year, regardless of the taxpayer’s “intention to let” the property. The case is: Sharan Hospitality Private Limited. Read a September 2016 report [PDF 351KB]
  • Tax treatment, workplace dress code not a uniform: The Gujarat High Court held that a dress code established by an employer for employees is not to be treated as a uniform, and thus, the uniform allowance paid for the purchase/maintenance of the dress code is not eligible for an exemption from tax as a “uniform allowance,” and is subject to tax withholding at source by the employer. The case is: Oil and Natural Gas Corporation Limited. Read a September 2016 report [PDF 368 KB]

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