capital gain on depreciable assets
This query is : Resolved
28 April 2011
The income earned from a depreciable asset is being charged under the head other sources and such depreciation is claimed as deduction against the income earned. The same asset has been sold during the previous year. what is the capital gain treatment for the sold asset???
28 April 2011
Short Term Capital gain / loss will be come in the case of depreciable assets, if block of such depreciable assets has to cased.
and such capital gain will be taxed under the head capital gain
and such capital gain will be taxed under the head capital gain
Message likes :
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12 September 2013
Sir i am could not understand please explain briefly... (whether block of asset concept is applicable only for income from business or profession or to any other head?)
12 September 2013
BLOCK OF ASSET is covered under the head PGBP and in Capital Gain also..
03 October 2021
Block of assets is considered for depreciation of Business assets, under INCOME TAX act.
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