Conversion of short term capital assets into long term
This query is : Resolved
Kriti Jain
(Querist)
10 November 2014
A)can we convert short term capital asset( say building for which we are claiming depreciation) into long term and stop taking depreciation benefit?
if yes, then how?
B) for which period we can take indexation. benefit for the same on sale after converting into long term assets.
Amol S Joglekar
(Expert)
10 November 2014
A) the word used in the income tax act is DEPRECIABLE ASSET. The building shown in the balance sheet and depreciation is also claimed....now can NOT be offered to avail the benefits of LONG TERM
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