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<h1>Taxation of Scientific Research Assets: Section 41(3) Rules on Business Income from Sale of Unused Capital Assets.</h1> Section 41(3) of the Income Tax Act addresses the taxation of capital assets used for scientific research. If such an asset is sold without being used for other purposes, and the sale proceeds plus any deductions under section 35 exceed the capital expenditure, the lesser of the surplus or deduction is taxed as business income in the sale year. This applies even if the business ceases to exist in the year the proceeds become due. However, if the asset is later used for business purposes before sale, section 41(3) does not apply.
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