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TMI BlogShort Term/Long Term Capital GainX X X X Extracts X X X X X X X X Extracts X X X X ..... Short Term/Long Term Capital Gain X X X X Extracts X X X X X X X X Extracts X X X X ..... s in the A.Y. 11-12. No Business Transaction. 2. Co. Not dissolved. 3. Claimed depreciation up to 31-03-2010- Long Term Asset. 4. Depreciation Not claimed in the year -31-03-2011 5. Sales Long Ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m Asset in A.Y. 2012-13 6. Whether Taxable u/s.112 of Income Tax Act, 1961 Pl. Guide. Thanks, AGRAWAL SITARAM C. Reply By JOHN SHANNEL: The Reply: Dear Agrawal, If depreciation is claimed for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an asset then it is taxable as Short term Capital gain. But the Short Term Capital Gain can be adjusted against Long term Capital gain as per judgement given by tribunal in Manali Investment. Please ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refer section 50, 50A, 50B. Regards John Shannel Reply By malhar shenoy: The Reply: Depreciable Assets of a company / Business if sold are deemed as Capital Gain arising from Short term capital ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in. It will be Subject to section 50 , if they have remained in Block of assets for A.Y 2011-12.this will make no difference even if no depreciation is claimed for year ended 31/03/2011, since it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depreciable asset in the Block.
It will be taxed to Normal tax provision & not u/s 112 even though it is long term capital assets .
Based on court judgement one can avail section 54 EC. X X X X Extracts X X X X X X X X Extracts X X X X ..... on Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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