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Recoupmments (S8(4)(e): Deferment if para 65/66 of 8th sch elected (Para…
Recoupmments
S8(4)(e): Deferment if para 65/66 of 8th sch elected
Para 65: Involuntary Disposals
Excludes financial instruments
By act of law, theft, destruction
Replaced by qualifying assets
Compensation received/accrued
Applicable to immovable assets
Para 66: Replacement Assets
Disposals of assets on which capital allowances granted
65 and 66
Proceeds => base cost
All receipts/accruals used to acquire replacements
Contract w/in 12mo & in use 2/in 3yrs
Excludes deemed disposal & re-acquisition
S8(4)(a): Include in income deducted amounts that have been recouped
Excludes S11F: Deductions iro contribution to retirement fund
Recoup = W&T limited to (accrual- tax value)
Proceeds (ltd to cost) = accrual less inclusion in income
Base cost = cost less allowances