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capital gain on depreciable assets

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online

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online (Querist)
28 April 2011 The income earned from a depreciable asset is being charged under the head other sources and such depreciation is claimed as deduction against the income earned. The same asset has been sold during the previous year. what is the capital gain treatment for the sold asset???
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CA Navin Jain

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CA Navin Jain (Expert)
28 April 2011 Short Term Capital gain / loss will be come in the case of depreciable assets, if block of such depreciable assets has to cased.

and such capital gain will be taxed under the head capital gain
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Sriram online

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Sriram online (Querist)
12 September 2013 Sir i am could not understand please explain briefly... (whether block of asset concept is applicable only for income from business or profession or to any other head?)
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
12 September 2013 BLOCK OF ASSET is covered under the head PGBP and in Capital Gain also..
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
03 October 2021 Block of assets is considered for depreciation of Business assets, under INCOME TAX act.
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