30 April 2010
Gain / pofit on sale of Building and plant of any closed business since 10 years, on which dep. was claimed during the period till the business was running, is short term or long term.
01 May 2010
The Gain would be taxable as Short Term gain, as once depreciation claimed renders the asset as depreciable asset. The status doesn't change even if the business is shut down.
CAclubindia
