Section 50, 45, 48
This query is : Open
Chandresh Sheth
(Querist)
10 August 2013
1. Assessee had purchased factory premises for Rs.1 Lac in F,Y. 1983-84. Today its WDV is Rs.5000/- after claiming depreciation all these year. Now he has sold above premises for Rs. 50 Lacs and he bought new factory premises for Rs. 20 lacs. How to compute Short Term Capital gain and long Term capital Gain???
2. Continuing with the above example suppose in A.Y. 2013-14 he had incurred business loss of rs. 15 lacs. He had filed return in time.Whether above computed Capital gain can be reduced by the carried forward business loss of A.Y. 2013-14???
2. Continuing with the above example suppose in A.Y. 2013-14 he had incurred business loss of rs. 15 lacs. He had filed return in time.Whether above computed Capital gain can be reduced by the carried forward business loss of A.Y. 2013-14???
CA PARAS BAFNA
(Expert)
10 August 2013
1.
.
Today's position of the Block of Asset:
1.Opening WDV 1.4.13............. 5000
2. Addition ..................20,00,000
3. Deletion....................50,00,000
(Hope that no transaction will take place in this FY)
4. Short term capital gains 29,95,000
.
2.
.
B/fd Business Loss of AY 2013-14 can be set off only against Business Profits of AY 2014-15. It can not be set off against STCG
of AY 2014-15.
.
.
Today's position of the Block of Asset:
1.Opening WDV 1.4.13............. 5000
2. Addition ..................20,00,000
3. Deletion....................50,00,000
(Hope that no transaction will take place in this FY)
4. Short term capital gains 29,95,000
.
2.
.
B/fd Business Loss of AY 2013-14 can be set off only against Business Profits of AY 2014-15. It can not be set off against STCG
of AY 2014-15.
.
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