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capital gain

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(Querist)
29 July 2009 the assessee has used the shop primises for business purposes for some years and claimed depreciation on the same and later rented out the same shop, now in 2008-09 he sold that shop . what will be the effect of same on capital gain and how will the cost of acquisition be calculated.
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
29 July 2009 For the period of rent you need to calculate deemed dep on shop.
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sunny bansal

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sunny bansal (Expert)
29 July 2009 there will be short term capital gain u/s 50c taking the wdv of the shop at the begining of the year in which shop was sold
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