Calculation of capital gain in case of depreciable asset
This query is : Resolved
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?
whether the capital gain is long term or short term?
What tax benefit I can avail u/s. 54?
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.
.
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.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
