Sec 50- Long Term Capital Gain-Short Term Capital Gain

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..... Sec 50- Long Term Capital Gain-Short Term Capital Gain
Query (Issue) Started By: - SITARAM AGRAWAL Dated:- 21-8-2011 Last Reply Date:- 24-9-2011 Income Tax
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Income Tax
* Firm P .....

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..... urchased Premises in A.Y. 1977-78. Claimed Depreciation. Sold it in A.Y.2009-10 * Can I divide the said Asset in Land & Building seperately As decided by the Bombay High Court : Commr. Of IT Vs. .....

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..... Citi Bank N.A. dt. 23-04-2003 261 ITR 570 , 134 Taxmann 467 3. Can I substitute Value as on 01-04-1981 for Land for consideration of Long Term Capital Gain and Value as on 01-04-1988 for Building f .....

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..... or consideration of Short Term Capital Gain. Being Sec. 50 has given effect w.e.f. 01-04-1988 4. Any other view or Case Law for above fact. Thanks Sitaram Agrawal Reply By Krishnaswami Ramaswa .....

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..... mi: The Reply: Sir, Land is not an depreicable asset and as such there is no such thing called WDV on land. Building is a depreciable asset. The capital asset for which depreciation has been claimed .....

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..... only be treated as Short Term Capital Gain. I am of the view that consideration received on sale of land is to be treated as Long Term Capital Gain and the benefits can be availed accordingly. Regar .....

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..... ds RK
Discussion Forum - Knowledge Sharing .....

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