capital gain
This query is : Resolved
10 June 2011
office building=100000
dep. rate= 5%
office building purchase during p.y. 20002-03
office sell out during the p.y. 2010-11
but depriciation allowed only for first 2 years and not claimed for other years due to losses.
1. compute capital gain
2. what will be the depreciation in this case?
dep. rate= 5%
office building purchase during p.y. 20002-03
office sell out during the p.y. 2010-11
but depriciation allowed only for first 2 years and not claimed for other years due to losses.
1. compute capital gain
2. what will be the depreciation in this case?
CA PARAS BAFNA
(Expert)
10 June 2011
In case Depreciation is not computed in recent 3-4 years, it is better to show the Office Building as an Investment Asset from the year onwards so as to treat it as a Long Term Capital Asset.
Otherwise, depreciation has to be calculated and , it will be deemed as if allowed.
The resulting gain in the second case will be STCG.
Otherwise, depreciation has to be calculated and , it will be deemed as if allowed.
The resulting gain in the second case will be STCG.
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