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Capital gain

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(Querist)
01 July 2014 A depreciable asset held for more than 3 years on which depreciation is claimed and thereafter removed (I.e. sold) from business , then what are the consequences regarding this matter ?? whether it is a long-term or short-term capital asset how to calculate capital gain/loss thereon
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CA Parul Saxena

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CA Parul Saxena (Expert)
01 July 2014 It is a long term capital gain/loss as the case may be.Compare the sales consideration with WDV of the asset as on date and accordingly compute long term capital gain/loss
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Rupesh Jain

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Rupesh Jain (Expert)
01 July 2014 it will be short term capital gain/loss.
if sales price is more than WDV then STCG and if less than WDV then it will be short term capital loss.
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