Sale of immovable non depriciable assets
CA Pankaj Gupta (CA in Practice) (36 Points)
05 January 2017CA Pankaj Gupta (CA in Practice) (36 Points)
05 January 2017
Nikhil Sharma
(Government Service)
(539 Points)
Replied 05 January 2017
If it is held for more than 36 months then it is long term capital gain. It doesn't matter if it is a business asset because provisions of section 50A apply only on depreciable assets. As this is a non depreciable asset, normal provisions of period of holding will decide the nature of capital gain.
ankita gandhi
(student)
(5908 Points)
Replied 06 January 2017