Capital gain
This query is : Resolved
15 October 2011
Dear Expertji,
An assessee (Pvt Ltd Co.)sold factory land and building in 2009-2010, due to fund problem not paid tax and filed return in AY 2010-11. Now he wants to pay tax and file return also. Assessee used to take Depreciation benefit on factory building. My questions are as under:
1) whether the transaction will be treated as long term capital gain or short term?
2) Assessee has received notice u/s 142 (1) for not filing the return. Is there any other consequences for late filing of return?
An assessee (Pvt Ltd Co.)sold factory land and building in 2009-2010, due to fund problem not paid tax and filed return in AY 2010-11. Now he wants to pay tax and file return also. Assessee used to take Depreciation benefit on factory building. My questions are as under:
1) whether the transaction will be treated as long term capital gain or short term?
2) Assessee has received notice u/s 142 (1) for not filing the return. Is there any other consequences for late filing of return?
15 October 2011
1.As the building is depreciable hence capital gains shall be short term.
2.You have to comply with 142(1) notice otherwise he can make assessment u/s144
2.You have to comply with 142(1) notice otherwise he can make assessment u/s144
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