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Capital gain income in itr - 4

ITR 371 views 1 replies

My Client has two building, we claim depreciation from several years on both building @ 10%. In balance sheet value shows building old Rs. 179228/- and building new Rs. 408459. my client has sold on old building @ Rs. 450000/- in May-2013. in last year WDV was in Computation on Income is. 234709 (both buildings). now Net Profit from old Building sold is Rs. 270772/-. so how can i calculate depreciation statement in itr. should I show LTCG Income or STCG Income? 

Replies (1)

dep. to be calculated on rs. 179228.00 @ 5% since asset used for less than 180 days. LTCG to be calculated if asset was held for more than 36 months even though it is a depreciable asset.


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