capital gain on depreciable assets

This query is : Resolved

Sriram (Querist)
Follow

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???

CA Navin Jain

CA Navin Jain (Expert)
Follow

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

Message likes : 1 times

Sriram

Sriram (Querist)
Follow

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?)

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

12 September 2013 BLOCK OF ASSET is covered under the head PGBP and in Capital Gain also..

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

03 October 2021 Block of assets is considered for depreciation of Business assets, under INCOME TAX act.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

DHANASHRI KARMARKAR

CA Aakarsh Jain

Michael & Co.

divakar podaturu

sachingurav

Subscribe Now

capital gain on depreciable assets

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA