Kaival Mehta (CA student) (120 Points)
07 December 2010Hi everyone,
i need clarification on the case where my cliant has tax liability because of LTCG from the sale of Flat on which no depreciation is claimed till date. Tax liability after indexation is also very heigh.
Can i consider this asset as Capital asset, and take the benefit of sec 50, of block of asset by purchasing another asset.????
If any proper case law then let me know, its urgent.
Ayushraj
(Professional)
(125 Points)
Replied 07 December 2010
You have said its a sale of flat, was it used for residential purpose or Office/Shop purpose.
What another assets do you want to purchase, Shop, Flat or any other assets
Please carify
CAclubindia
