i had purchased shop on march 2006,than i claimed depreciation on it up to march 2009,after i had given it on rent to other and i had obtained the benefit of that rent income under the head of income from house property up to 1st march 2012,amd than i sold the shop in 30th march 2012,
for period of march 2009 to 1st march 2012 i had not claimed depreciation on it
so my question is that at the time of sale capital gain arising onit is considered as short term capital gain ? or long term capital gain?
24 August 2012
Shop was purchased on March 2006 & sold on march 2012. CG is treated as LTCG. CG is attracted for sale price over and above the purchase price. The diff between wdv & sale price is treated as business profit.
CAclubindia
