Dear Members,
I would like to have your esteemed views on capital gains taxation query being faced:
A businessman has three business assets in the form of buildings, an office at Delhi, a godown building at Bangalore and a office at Bangalore. All these are in one block. Due to recession, now office at Delhi and godown building are not being used and depreciation is being claimed only on office at Bangalore. During FY 2005-06,he sells the godown buiding. Will he be chargeable to any Capital gains or only the transfer cost shall be deducted from the block? How the depreciation on office at Bangalore shall be charged?
CAclubindia
