Sirs,
An assessee A partnship firm has sold a Depreciated Factory Gala worth rs 3000000 on June 25 , block of that assets is nil
Original purchased on Dec 1994 at rs 400000
Wdv on 1-4-25 is 13240
So will be STCG OR LTCG OR both i e from 13240 to 400000 is stcg u/s 50 and above 400000 is ltcg
Thanks
The entire gain of ₹29,86,760 (₹30,00,000 sale consideration minus ₹13,240 WDV) is deemed to be Short-Term Capital Gain (STCG) under Section 50 of the Income Tax Act. It cannot be split into LTCG based on the original purchase price.
Saini Pati Shah & Co LLP, Chartered Accountants
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CA Foundation
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