whether a firm/company can claim indexed cost of acquisition on transfer of land (fixed asset) held for more than 3 year or STCG has to be calculated u/s 50 of I.T.Act?
however, section 50 is applicable to depreciable assets, but we dont claim depreciation on land
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Capital gain
Replies (4)
if land is long term capital asset, indexed cost of acquisition will be reduced from sale consideration. if sale consideration can't be determined then fair market value on date of transfer shall be considered
Indexation benfit is allowed as per Section 48. I ithink since land is not a depreciable asset Section 50 is not applicable.
Exemption u/s 54EC is also allowable since the section does not uses the word Individual / HUF specifically. It uses the word Assessee and Assessee can be a company / Firm also.
Exemption u/s 54EC is also allowable since the section does not uses the word Individual / HUF specifically. It uses the word Assessee and Assessee can be a company / Firm also.
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