leasehold property claimed under block of assets methods

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2010 Depreciation has not been charged on leasehold land, and now the assessee is selling the property,
can he claim it under block of assets method.
weather it is long term or short term capital gain.

CA Ravi Kumar Murugesh

CA Ravi Kumar Murugesh (Expert)
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09 June 2010 I dont get that how one can sell leased land?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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09 June 2010 DEPRECIATION IS NOT PROVIDED AT LAND AT ALL.
LEASEHOLD LAND CAN BE SOLD /TRANSFER .
LONGTERM OR SHORTERM IS DEPEND ON PERIOD OF HOLDING.

Message likes : 1 times

taxindiaconnect

taxindiaconnect (Expert)
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10 June 2010 Just to correct the reply of BK, Depreciation is not available on lease hold land under the Income tax act. For rest of the reply i agree with him

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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11 June 2010 Please check my reply, I also denying depreciation

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