25 November 2008
You can follow the judgement given in the case "C.I.T. Vs. Yamuna Syndicate Ltd.".
When a single assets like the building is transferred, consideration has to be approtioned between the depreciable portion i.e. building and non-depreciable i.e. Land for implemanting section 50.
So Long term capital gain on sale of land and short term capital gain on sale of building.
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