Gain on sale of car on which depreciation not claim
This query is : Open
23 July 2016
If a person sell car which is used for business but depreciation not claimed on by assesse in his income tax returns and car is held for more than 3 years,Can it will be long term capital gain and index cost to be calculated?
As per my thinking,it is not depreciable asset because assessee not claim depreciation on it and thats why we can't treat gain on sale of such asset as short term capital gain.Please guide in this respect as its very urgent
As per my thinking,it is not depreciable asset because assessee not claim depreciation on it and thats why we can't treat gain on sale of such asset as short term capital gain.Please guide in this respect as its very urgent
23 July 2016
It is compulsory to claim depreciation. Depreciation will be treated as allowed even if not claimed.
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