one of my client had purchsed a commercial land from city development authority and had constructed commercial building on it and was using it commercial for self use. the assets were being depreciated except the valu of land. now the assessee has sold the land and building. my questions are :
1. will the whole cost of land as well as building (on which depreciation was being charged regulary against business income) will be considered for indexation ?
2. If answer to the above is NO, can the assessee segregate the value of land and building and then take the benifit of indexation for the land part ?
3. What are the options available to the assessee for saving capital gain tax ? can he invest in capital gain bonds ? can he invest in a residential house ?(he owns only one residential house). Can he opt for both, means invest in capital gain bonds upto Rs. 50 lacs and balance in residential house ?
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