Capital gain
This query is : Open
08 September 2016
Dear SIr,
We have sold a factory building in financial year 2016-17 was purchased in f.y 1999-2000 and from f.y 1999-2000 up to f.y 2015-16 depreciation was claimed in profit & loss Account Please clarify that the income at the time of sale will be taxable under business income or capital gain.
We have sold a factory building in financial year 2016-17 was purchased in f.y 1999-2000 and from f.y 1999-2000 up to f.y 2015-16 depreciation was claimed in profit & loss Account Please clarify that the income at the time of sale will be taxable under business income or capital gain.
08 September 2016
dear
since it is depreciable asset so the gain arising from the sale of building will be short term capital gain.
Also under income tax the block concept will apply to calculate capital gain in such cases.
if the block of asset ceases to exist or the sale value exceeds the wdv of the block then only match will be calculated.
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