Capital gain

This query is : Resolved

srinivas (Querist)
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27 August 2011 Sir,
I have doubt regarding capital gain.

A rice mill building and machinery and site was sold in march, 2011. The mill was started in the year 2006. The sale consideration was given asset wise.

for eg.
Sale consideratin of buildg. 10 laks
Cost of acquisition
i.e. w.d.v. as on 1-4-10 5 laks
-------
STCG 5 laks
--------

sale consideration of machine 10 laks
cost of acuqisition
i.e. w.d.v. as on 1-4-10 4 laks
-------
STCG 6 laks
-------
is it taxable @ 10% ?
(being these are depreciable assets, the gain is Short term capital gain)
Land:
Sale consideration 15 lak
indexed cost of acquisition 10
------
Long term CG 5 lak

is LTCG is taxable @ 20% ?

is the treatment correct?

The assessee carried on busines upto march, 2011. How he has to show this business income and capital gain in ITR 4 to be filed online?

please clarify my doubt in detail.

Thank you.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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27 August 2011 STCG IS TAXABLE AS NORMAL INCOME DEPENDING UPON STATUS AND SLAB APPLICABLE
LTCG WILL BE TAXED AT 20 PERCENT

CA MANOJ GUPTA
JODHPUR
09828510543

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