Regarding depreciated asset sold

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anonymous (Querist)
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05 March 2014 if an assessee sells depreciated asset say land and building what provisions shall apply capital gains or short term capital gain as per section- 32 or section-50

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 March 2014 section 32 is for depreciation Gunjan.

capital gains on depreciable assets (land is not a depreciable asset) is covered under section 50 is taxed as short term capital gains.

please refer http://taxindiaconnect.com/index.php/e-capital-gains/5168-section-50-special-provision-for-computation-of-capital-gains-in-case-of-depreciable-assets-

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