16 January 2012
Sir I have one doubt regarding this actually I received a message through ca rokers that 20% rate on long term capital gain on transfer of Depreciable asset under WDV method is not applicable.Is it true? & it means slab system will be applicable if long tern capital gain arises on transfer of a Depreciable asset under WDV. or if other rate of tax is applicable then please suggest me.
16 January 2012
sale of depreciable assets on which the depreciation has been allowed under the income tax act , the income shall be treated only as a SHORT TERM CAPITAL GAIN (sec.50).
For all short term capital gains taxed at normal applicable rates based on status of the assessee (slab system for Individuals,HUF)
except Section 111A(equity shares or equity oriented funds which have been sold in a stock exchange and securities transaction tax is chargeable on such transaction of sale then the short term capital gain arising from such transaction will be chargeable to tax @15%)
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