unabsorbed depreciation
This query is : Resolved
17 September 2009
my client (private conmpany) has sold a assest (land & building(wdv)) on which both short term and long term capital gain has incurred.and that company has unabsorbed depriciation from 1993-94,94-95,98-99,00-01,05-06,06-07,07-08,08-09
i wanted a clarification that all the unabsorbed derpiciation belong to above mentioned year can be set-off against current year LTCG & STCG.
If it is possible can u please give reference section & recent case laws and where it is mention in current income tax act
I have referred the Section 32, in that it has mention that we can set-off from any other head,i wanted to know that it includes LTCG ( because it is charged under sepcial rate that is 20%)
Please help me,
i wanted a clarification that all the unabsorbed derpiciation belong to above mentioned year can be set-off against current year LTCG & STCG.
If it is possible can u please give reference section & recent case laws and where it is mention in current income tax act
I have referred the Section 32, in that it has mention that we can set-off from any other head,i wanted to know that it includes LTCG ( because it is charged under sepcial rate that is 20%)
Please help me,
17 September 2009
section 71(2) reads as under
(2) Where in respect of any assessment year, the net result of the computation under any head of income, other than “Capital gainsâ€, is a loss and the assessee has income assessable under the head “Capital gainsâ€, such loss may, subject to the provisions of this Chapter, be set off against his income, if any, assessable for that assessment year under any head of income including the head “Capital gains†(whether relating to short-term capital assets or any other capital assets
(2) Where in respect of any assessment year, the net result of the computation under any head of income, other than “Capital gainsâ€, is a loss and the assessee has income assessable under the head “Capital gainsâ€, such loss may, subject to the provisions of this Chapter, be set off against his income, if any, assessable for that assessment year under any head of income including the head “Capital gains†(whether relating to short-term capital assets or any other capital assets
18 September 2009
Agree
18 September 2009
Thank you for your reply(sampat jain), sorry for troubling you again, can you please clarify whether any other capital assets as mentioned in the act includes long term capital assets & any recent case laws
02 August 2025
https://docs.google.com/document/d/1Q2iquTLApkzT6LaLIURVSCd9hp4Rh0fmWFRicwrQvG8/edit?usp=sharing
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