Whether STCG is chargeable or LTCG is chargeable?

According to section 2 (14) of the IT act Capital Asset is defiened as property of any kind held by the assessee whether or not connected with his business.In the Above Case Mr X Purchased and used the shop for his business.Am surprised to learn that Mr X Classified the above shop as 'Investment' in Balance Sheet.It needs to be put under assets.And he ought to compute depreciation for it as he has used the shop and enjoyed the benefit of it for his business.And according to section 50, any capital asset for which depreciation is allowed if transferred then gains would fall under Short Term Capital Gain.

I have long term capital gain during FY2008-09 from shares sold from an unlisted company. During the same Fy, I have short term capital loss in shares, listed on stock exchange. I want to know if the loss is adjustable against that gain?

Hi Jeyanth

Short term capital losses are always adjustable against long term capital gains, provided the losses had been income is chargeable to tax.