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Capital gain when cost is nil

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2014 what is the taxability under capital gain in below eg - 1.when cost of fixed assets which follow under capital assets 2.this assets has a cost when it is purchased . due to adoption of amortisation method , now cost comes nil. 3. when this is put to sale , how to treat the consideration received on account of sale ? is it taxable ? if yes under which head? who will pay tax?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
31 October 2014 Being depreciated asset the entire consideration will be treated as short term capital gain and tax has to be paid by the seller.

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