Income tax capital gains on depreciable assets
This query is : Resolved
26 October 2012
Shop shown as fixed asset and depreciation claimed on it for several years, the assesee firm wants to sell the shop for 50lacs whether any indexation will be available, what will be the rate of tax 30% or 20% pl let me know
Dintakurthi Tirumala
(Expert)
26 October 2012
Capital gain on depreciable asset is always Short term capital gain. And the gain is difference between sale consideration and WDV according to the Income tax act. So your capital gain tax is short term capital gain tax.
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