21 November 2009
As per income tax act depreciation cannot claim on lease hold land but depreciation can claim on the building constructed on lease hold land.
In such case if lease hold land transferred along with building contructed on that then whether it will consider as long term capital gain or short term capital gain
22 November 2009
since no dep is claimed on land, gain to be calculated depending on the period of holding, profit on sale of building will be short term
22 November 2009
Sanjeev is right.we can not depriciate land. Gain would be Calculated on your old Property Sold out in which amount and afterthan when you have brought new Property in which amount...its all need Calculations...
CAclubindia
