Short term asset or long term asset

This query is : Resolved

Devendra (Querist)
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16 July 2012 MR. X OWNS A HOSPITAL BUILDING ON WHICH DEPRECIATION WAS BEING CLAIMED AT 5% TILL A.Y 2004-05. BUT FROM A.Y 2004-05 TILL A.Y 2012-13 NO DEPRECIATION HAS BEEN CLAIMED ON THE HOSPITAL BUILDING. AND THE WDV OF THE HOSPITAL BUILDING AS ON 31.03.12 IS RS. 80000.

MR. X IS SELLING THE HOSPITAL BUILDING. WHETHER THE HOSPITAL BUILDING WILL BE CONSIDERED AS A SHORT TERM ASSET OR A LONG TERM ASSET U/S 50.

REGARDS,

DEVENDRA KULKARNI

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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17 July 2012 please clarify following issues:

1) is Mr. X doing the business of Hospital
(or he has rented the building to the hospital)

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