capital gain tax on depriciable assets
This query is : Resolved
17 July 2011
IF we sell a shop (commercial purpose), will gain be taxable. & if yes how tax will be saved???
17 July 2011
it would be short term capital gain
18 July 2011
If you are selling a shop which was used for commercial purpose and depreciation has been claimed in your books, you will have short term capital gain if the amount received is in excess of WDV and accordingly liable to pay 30% taxes on excess amount.
Otherwise, there can be long term capital gain provided period of holding should be more than 36 months
Otherwise, there can be long term capital gain provided period of holding should be more than 36 months
18 July 2011
I agree with Mr. Krishana
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