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Calculation of capital gain in case of depreciable asset

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(Querist)
23 August 2013 shop purchase in f.y. 2003-04. depre. on same is charged upto f.y. 2011-12 and thereafter the asset is treated as commercial property. The same has been sold in f.y. 2013-14.
whether the capital gain is long term or short term?
What tax benefit I can avail u/s. 54?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
23 August 2013 WDV as on 31.03.2012 100000
Depreciation for AY 2013-14 10000
-------
Cost of acquisition 90000
Less: Sales Consideration 500000
-------
Short Term Capital Gain U/s 50 410000
.
You have not clearly stated that rental income is being shown.
.
The above approach is conservative still workable as depreciation has not remained a
matter of option.
.
You can invest in a Residential House property and get exemption benefit U/s 54F.
.
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