Question ID :
40548
capital gain on depreciable asset
Assessee construct building on lease land in 2014, after 2014 assessee not claimed Depreciation on it till date, Now he sold the building, Whether he can treat building as Long Term Asset for the purpose of Capital Gain?
Posted by
Ninad Prataprao Shete
on
Jan 21, 2020
Filed Under
Capital Gains
If the building not forms part of 'Block of Assets', the assessee can treat the building as LT asset.
Inference - corollary to CIT vs. Sakthi Metal Depot (2011) 333 ITR 492.
Posted by
B.CHACKRAPANI WARRIER on
Jan 24, 2020
Answer ID :
80362
On a Depreciable Asset only STCG can be calculated {Ref Section 50(1)}. Also Cost of Acquisition shall be calculated as per Sec 50A.
Posted by
Ashish Kumar Goyal on
Jan 24, 2020
Answer ID :
80379
It is LTCA....since depreciation has not been claimed.
Posted by
SIVADAS CHETTOOR on
Jan 29, 2020