Capital gain
This query is : Resolved
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
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
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.
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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