16 March 2013
Vehicle & generator purchased in the year 2007 and sold in the year 2013 . and both were used for business. So the depreceiable asset is used more than 3 years so long term capital gain ?
16 March 2013
No, it shall be Short Term Capital gain by vitue of Section 50, which overrides {section 2(42A)- nature of capital asset}...It states that in case of depreciable asset, any capital gain arising on sale(after the block ceases to exist) shall be considered as Short term Capital Gain/(loss)
CAclubindia
