Hi everyone,
i need clarification on the case where my cliant has tax liability because of LTCG from the sale of Flat on which no depreciation is claimed till date. Tax liability after indexation is also very heigh.
Can i consider this asset as Capital asset, and take the benefit of sec 50, of block of asset by purchasing another asset.????
If any proper case law then let me know, its urgent.
CAclubindia
