Income Tax
This query is : Resolved
Padmavathi
(Querist)
23 December 2008
There is a three asset in one block (Plant A,B,C)worth of Rs. 6 Lakh.Plant A has been sold for Rs.8 Lakh so difference of Rs.2 Lakh is a Short term capital gain and the W.D.V of that block is zero.After few years ,Plant C has been sold for Rs.3 Lakh,whether this amount is to be treated as short term capital gain ? Explain the tax implication of Rs.3 Lakh ?
CA R N Mohil
(Expert)
23 December 2008
It is to be treated as short term capital gain.
C A GROUP COACHING
(Expert)
23 December 2008
ASSETS SOLD FROM THE BLOCK, AND ANY GAIN ARISING THEREFROM, TILL DATE THE I T ACT &LAW IS VERY CLEAR DEFINING SUCH GAINS AS S T C G
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