Private company office sale taxable as LTCG; depreciation claimed under Companies Act, not Income Tax Act.

Private company office sale taxable as LTCG; depreciation claimed under Companies Act, not Income Tax Act. https://www.taxtmi.com/highlights?id=47499 Capital gain arising out of sale of office used as registered office - not claimed depreciation under Income tax Act though claimed under companies Act - assessee being a private limited company, the Companies Act provides that the office premise should be shown as fixed asset, even if it is not held as a business asset but as an investment and earning rental income - taxable as LTCG en-us Thu, 27 Jun 2019 07:39:19 +0530 Thu, 27 Jun 2019 07:39:19 +0530 TaxTMI RSS Generator Private company office sale taxable as LTCG; depreciation claimed under Companies Act, not Income Tax Act. https://www.taxtmi.com/highlights?id=47499 Capital gain arising out of sale of office used as registered office - not claimed depreciation under Income tax Act though claimed under companies Act - assessee being a private limited company, the Companies Act provides that the office premise should be shown as fixed asset, even if it is not held as a business asset but as an investment and earning rental income - taxable as LTCG Highlights Income Tax Thu, 27 Jun 2019 07:39:19 +0530 https://www.taxtmi.com/highlights?id=47499