Conversion of business asset to capital asset
This query is : Resolved
11 June 2014
A building was used for business till 1986. Thereafter, no business activities were carried out absolutely. Also, no Balance Sheet, Income Tax returns were filed since then for last 27 years.
Whether it can be considered as capital asset since 1986 or it still needs to be considered as business asset and depreciation has to be claimed thereon?
-Meera
Whether it can be considered as capital asset since 1986 or it still needs to be considered as business asset and depreciation has to be claimed thereon?
-Meera
11 June 2014
if no business activities was carried then it will not be a business asset and hence will be a capital asset.
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