Short/long term capital loss
This query is : Resolved
Guest
Guest
(Querist)
01 April 2012
When asset on which depreciation is allowed u/s 32(1)(i) is sold discarded or demolished in a previous year, and if the insurance, salvage, compensation or sale value, as the case may be, receivable in respect of such asset falls short of the written down value, such difference would be allowed as deduction [Terminal Depreciation] u/s. 32(1)(iii). The condition for allowing such deduction is that such deficiency is actually written off in the books of account.
My Query is that what would be the treatment of Short/Long Term Capital Loss in case we are claiming Terminal Depreciation in our books?
My Query is that what would be the treatment of Short/Long Term Capital Loss in case we are claiming Terminal Depreciation in our books?
02 April 2012
In case of depreciable Asset, there would arise short term capital loss or short term capital gain provided there is no asset in the respective block of assets.
CA Raghav Goyal
(Expert)
04 April 2012
Agreed with Mr. Bajpai.
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