Capital Gain or Business Income
This query is : Resolved
24 February 2011
I am having one premises which is using for my business firm. I am claming depreciation on that. After that i have given the premises on Rent for 3 three years in that period i have not claim any depreceiation. After 3 years i have sale that premises then the income generated by sale of premises will be business Income or Capital Gain
25 February 2011
Income from sale of th premises should be treated as business income.
You should also claim depreciation for last three year against the rental income.
Profit/loss on sale of depreciated assets is treated as short term capital gain irrespective of their holding period.
You should also claim depreciation for last three year against the rental income.
Profit/loss on sale of depreciated assets is treated as short term capital gain irrespective of their holding period.
25 February 2011
Income from sale of th premises should be treated as business income.
You should also claim depreciation for last three year against the rental income.
Profit/loss on sale of depreciated assets is treated as short term capital gain irrespective of their holding period.
You should also claim depreciation for last three year against the rental income.
Profit/loss on sale of depreciated assets is treated as short term capital gain irrespective of their holding period.
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