01 July 2014
A depreciable asset held for more than 3 years on which depreciation is claimed and thereafter removed (I.e. sold) from business , then what are the consequences regarding this matter ??
whether it is a long-term or short-term capital asset
how to calculate capital gain/loss thereon
01 July 2014
It is a long term capital gain/loss as the case may be.Compare the sales consideration with WDV of the asset as on date and accordingly compute long term capital gain/loss
01 July 2014
it will be short term capital gain/loss. if sales price is more than WDV then STCG and if less than WDV then it will be short term capital loss.
CAclubindia
