06 October 2009
Can Any one Claim Long term Capital Gain on Sale of Office if Office is Depreciated for 6 Years and then all the Depreciation is written back in the Profit and Loss Account.
06 October 2009
It is part of business assets for almost 6 years as you said. And as per sec. 48 assets on which the depreciation has been claimed can be indexed for the purpose of capital gains calculations.
so this gain/loss will be treated as business income/loss in the profit & loss account.
CAclubindia
