Capital gains tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2012 I am selling a property which was bought more than 40yrs back. when it was purchased, the sale deed mentioned "all land and building" for the sale consideration without a bifurcation of the individual amounts. subsequently, in all the balance sheets, depreciation has been claimed on building without the mention of land anywhere in the balance sheet.i would like to know if since we have not mentioned land anywhere in the balance sheet and claimed depreciation on building, is it automatically understood that depreciation has been claimed on land as well?also if i have to pay long term capital gains tax(at 20.6%)or short term capital gains tax(at a flat 30%)

Arun Biyani

Arun Biyani (Expert)
Follow

17 December 2012 claim as short term capital gain, no need to bifurcate now between land and building.

Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2012 so does that mean depreciation has been claimed on land as well?

Upgrade to CAclubindia Pro. Subscribe Now!