Capital gains

This query is : Resolved

PRAMOD KUMAR (Querist)
Follow

03 June 2016 The assessee had bought a house in 2006. 1/2 of the house was being used for his studio purposes on which depreciation was claimed.
The asset was depreciated every year at the applicable Income tax rates and while computing the income, 1/2 of the depreciation amount was being added to Income stating personal expenses.
The assessee sold the property resulting in capital gains of 25 lakhs after indexed cost.
What portion should be treated as short term capital gains and what portion as long term capital gains.
Regards

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

03 June 2016 in the same proportion as the assessee has treated it in books of accounts. ( 1/2, 1/2)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

NISHANT SIPANI

RAGHUNATH KASIBHOTLA

siddhesh satardekar

Vimlesh kumar

Prakash Kaduluri

Subscribe Now

Capital gains

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Senior Executive

CA Final

GST CONSULTANT

Accountant

Manager- Finance and Compliance