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Section 115VN: Chargeable gains from transfer of tonnage tax assets

The Income-tax Act, 1961Central Act · Act 43 of 1961

Repealed. This text is published for reference. It is not in force, and it should not be relied on as current law without checking what replaced it. Repealed by the Income-tax Act, 2025, with effect from 1 April 2026

Chargeable gains from transfer of tonnage tax assets.

Any profits or gains arising from the transfer of a capital asset being an asset forming part of the block of qualifying assets shall be chargeable to income-tax in accordance with the provisions of section 45, read with section 50, and the capital gains so arising shall be computed in accordance with the provisions of sections 45 to 51:

Provided that for the purpose of computing such profits or gains, the provisions of section 50 shall have effect as if for the words "written down value of the block of assets", the words "written down value of the block of qualifying assets" had been substituted.

Explanation.—For the purposes of this Chapter, "written down value of the block of qualifying assets" means the written down value computed in accordance with the provisions of sub-section (2) of section 115VK.

Where this provision sits

ActThe Income-tax Act, 1961
Section115VN
Marginal noteChargeable gains from transfer of tonnage tax assets
JurisdictionCentral
StatusRepealed

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