Capital gain applicability
This query is : Resolved
Sagar Jalan
(Querist)
28 April 2015
An asset had been earlier shown in books as fixed assets from the last 10 years, but not used at all. The same has been sold in the current financial Year at a profit of Rs. 90 Lakhs . Hence will, the same attract capital gains Or will the same stand as profits in PL and tax will be calculated under the Head PGBP as profits from business?
CA MANOJ GUPTA
(Expert)
29 April 2015
SINCE LAND WS CAPITAL ASSET NOT STOCK IN TRADE OBVIOUSLY CAPITAL GAIN WILL BE CHARGED
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