Residential property used in business and capital gain.
This query is : Open
11 October 2016
Residential property which was owned by individual for more than 15 years and used for commercial purpose in proprietary concern now sold in F.Y.2015-2016. Depreciation has been claimed on this property in business through out these years. My question is whether sale of property will be LTCG or STCG? Is there an possible way to save tax in this case? Please give reference of sections, case laws etc. Please reply urgently since the case is covered under 44AB and due date is closing in.
12 October 2016
As the depreciation has been claimed the gain on property sale will be considered as STCG.
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