Ltcg on sale of off premises

Save Share

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2012 Date of Sale-30.04.2012
Assesse-Individual
Asset-off premises
what are various options to save LTCG tax?
pl reply at the earliest.thanks

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

26 October 2012 If such premises is depreciated asset then Long term capital gain tax will not applicable. Only short term capital gain tax applicable. Please clarify you are saying it is office buildings i.e you claimed depreciation for your business expenditure confirm me?.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2012 NO DEPRICIATION CLAIMED

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

26 October 2012 Even though depreciation not claimed in the books of account according to the income tax act those assets which are held for the purpose of business is assumed deemed depreciation and has to compute short term capital gain tax according to the difference between sale vale and WDV according to the IT act. So as per my your gain is not LTCG it is STCG. However wait at see for other expert's decisions and they may can support their answer along with any decisions.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2012 OK SIR THANKS.I WILL WAIT.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now