Capital gains
This query is : Resolved
18 June 2012
THERE IS A SHOP IN PARTNERSHIP FIRM PURCHASED 5 YEARS BACK NOW SUCH SHOP IS SOLD ON WHICH DEPN. WAS CLAIMED TILL DATE. WHAT WILL BE THE TAX IMPLICATION ON SUCH TRANSACTION.WHAT WILL BE THE RATE OF CAPITAL GAIN TAXATION? IS THERE ANY CASELAW WHICH ALLOWA FOR CHARGING CAPITAL GAIN @ 20%.
19 June 2012
Section 50 shall be applicable and capital gain will arise on sale of such shop.
If, however, the sale price is less than the WDV, then the difference shall be allowed as terminal depreciation.
If, however, the sale price is less than the WDV, then the difference shall be allowed as terminal depreciation.
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