Capital gains
This query is : Resolved
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
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
03 June 2016
in the same proportion as the assessee has treated it in books of accounts. ( 1/2, 1/2)
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