Gain on sale of car on which depreciation not claim

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CA Sweta (Querist)
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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

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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23 July 2016 It is compulsory to claim depreciation. Depreciation will be treated as allowed even if not claimed.

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