06 July 2015
I had 2 flats adjacent which I had joined and purchased in 2006 then I sold them in 2008 resulting into STCG of 12 lacs. Then I bought another flat in 2011. I had not filed any return till date as my income used to be below lowest slab. please show me a way out.
06 July 2015
I Since depreciation is charged on these assets to revenue any gain has to go P&L hence it is treated as short term. II For simplification of depreciation working in income tax block wise concept is introduced. In the books of accounts asset wise details are maintained where as no such details in block wise depreciation. III To boost capital market. IV Speculative loss should not eat away the tax on normal profit.