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Capital gain

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(Querist)
16 March 2013 Vehicle & generator purchased in the year 2007 and sold in the year 2013 . and both were used for business. So the depreceiable asset is used more than 3 years so long term capital gain ?
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Sumit Grover

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Sumit Grover (Expert)
16 March 2013 No, it shall be Short Term Capital gain by vitue of Section 50, which overrides {section 2(42A)- nature of capital asset}...It states that in case of depreciable asset, any capital gain arising on sale(after the block ceases to exist) shall be considered as Short term Capital Gain/(loss)
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