Income tax capital gains on depreciable assets

This query is : Resolved

SRINIVASS (Querist)
Follow

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

Dintakurthi Tirumala (Expert)
Follow

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.

OM SAI SRI SAI JAI JAI SAI