one of my client purchase shop in year 2000 and claimed depreciation upto march 2005 and thereafter given on rent and shown in income from house property. now in year 2012 he has sold the shop. my question is whether this is short term capital gain or long term capital gain if it is long term capital gain than indexation will start from year 2000 or from year 2005.
please clearify the matter.
Thanking you
If depreciation is claimed under income tax act then the gain / loss is deemed short term capital gain / loss. you will get no indexing, no other benefit. The calculation will be made as per section 32 / 50 of income tax act.
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
CCI
Pro
CAclubindia
