Capital gain

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Jayesh Doshi (Querist)
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30 March 2016 1. industrial gala purchase of Rs.11Lacs in FY 2003-04 for business in the name of individual.
2. upto FY 2007-08 depreciation claim @ 10% on above mention industrial gala.
3. in FY 2008-09 business closed & gala given on rental basis
4. in FY 2015-16 gala sale of Rs. 45Lacs.
5. new office purchase of Rs. 55Lacs.

my question is how to calculate capital gain on above fact ?

Amol S Joglekar

Amol S Joglekar (Expert)
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30 March 2016 please confirm if the rent received was being shown under "income from house property" OR "income from other sources"

Jayesh Doshi

Jayesh Doshi (Querist)
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07 June 2016 rent received was shown under the head of "Income from House Property""
pl advise

Amol S Joglekar

Amol S Joglekar (Expert)
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07 June 2016 it is a short term capital gain. = 45lakh - depreciated value of industrial gala.
if the office is purchased by the individual for the same business, the value of 55 lakh would be added to block.

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Jayesh Doshi

Jayesh Doshi (Querist)
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09 June 2016 Amolji Sir,

Thank you for advise

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