27 August 2011
Sir, I have doubt regarding capital gain.
A rice mill building and machinery and site was sold in march, 2011. The mill was started in the year 2006. The sale consideration was given asset wise.
for eg. Sale consideratin of buildg. 10 laks Cost of acquisition i.e. w.d.v. as on 1-4-10 5 laks ------- STCG 5 laks --------
sale consideration of machine 10 laks cost of acuqisition i.e. w.d.v. as on 1-4-10 4 laks ------- STCG 6 laks ------- is it taxable @ 10% ? (being these are depreciable assets, the gain is Short term capital gain) Land: Sale consideration 15 lak indexed cost of acquisition 10 ------ Long term CG 5 lak
is LTCG is taxable @ 20% ?
is the treatment correct?
The assessee carried on busines upto march, 2011. How he has to show this business income and capital gain in ITR 4 to be filed online?
CAclubindia
