Depreciation on sold property while calculating ltcg
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 April 2016
Hi...
Is there any depreciation provision on sold property while calculating LTCG. e.g. Land with developed structured sold and as per Stamp Duty Act, fair value of the asset shown as INR 2 Cr in registered agreement. In that case, the value to be considered for LTCG calculation is INR 2 Cr or is there any depreciation provision applicable on developed structure portion to reduce from INR 2 Cr and work out WDV for LTCG purpose.
Please assist.
Prashant
Is there any depreciation provision on sold property while calculating LTCG. e.g. Land with developed structured sold and as per Stamp Duty Act, fair value of the asset shown as INR 2 Cr in registered agreement. In that case, the value to be considered for LTCG calculation is INR 2 Cr or is there any depreciation provision applicable on developed structure portion to reduce from INR 2 Cr and work out WDV for LTCG purpose.
Please assist.
Prashant
Amol S Joglekar
(Expert)
09 April 2016
The stamp duty calculation is done after giving the due effect to the AGE of the property. Please check if the same has been done in your case.
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