|Originally posted by :Þräßéêr
||Dear Mr. Shashi can you please explain your answer.
Claiming Depreciation means it is used for business or profession.
in case of capital gain on depreciable asset used for b & p sale value of asset sold will be deducted from value of block.
and any gain/loss arising will always be short term capital gain wheather asset used for more than 36 months or not.
Land is not depreciable asset so Long term capital gain will arise as period of holding land is more than 36 months.
both of them must be appearing at different different value in Balance Sheet.
so cost of land and WDV of building can be easily known.
and for the value of sale consideration if not seperable Fair market value of Land will be the sale consideration for Land and remaining will be the sale consideration of the building.
if you need further explanation you can tell.