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Capital Gain Tax

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(Querist)
07 December 2009 Assist me in determination of Capital Gain Tax in the case of Dispensory used for Business/Profession acquired before 1981 and sold in 2009. The capital gain chargable to tax as short term or long term ?? Also asset not form any Block. Provide me relevant section for the same.
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CA Balram Sharma

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CA Balram Sharma (Expert)
10 December 2009 As the assets is acquired before 1981 , and the assets is not form any part of block,

so the provision of section 50 will not attract
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CA Balram Sharma

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CA Balram Sharma (Expert)
10 December 2009 In this case there will be long term capital gain,

further you may adopt the fair maket value of the assests, as on 1-4-1981,

and take the index cost of acqusition and cost of improvement for the perpose of determination of tax liability
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