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<h1>Computation of capital gains for depreciable assets treats excess consideration over block basis as short term capital gain.</h1> Where assets form part of a depreciable block, if aggregate consideration on transfers in the year exceeds transfer expenses plus the block's opening written down value and actual cost of acquisitions during the year, the excess is deemed to be short term capital gains; when a block ceases to exist because all assets are transferred, the block's opening written down value plus acquisitions is treated as cost of acquisition and the income from such transfers is deemed short term capital gains. Goodwill within a depreciable block has specified prescribed treatment and certain reductions are deemed transfers.
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