Rate of tax on capital gain on deprecible asset
Bhavesh Khanvilkar (other) (676 Points)
17 October 2016
Hi , my query is what is rate of tax on stcg on sale of depreciable asset?
1 Replies
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 17 October 2016
Tax will be levied at normal slab rates because Sec.111A taxing STCG @ 15% is for some specific cases. It may be noted that although capital gain on depreciable assets is always considered as STCG by virtue of Sec.50, but if the asset is sold after a period of 36 months, then rate will be as for LTCG,i.e. 20%. (Ace Builders case law)
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