TaxTMI 
TaxTMI 
Short Term/Long Term Capital Gain
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....hort Term/Long Term Capital Gain<br> Query (Issue) Started By: - SITARAM AGRAWAL Dated:- 1-9-2011 Last Reply Date:- 8-9-2011 Income Tax<br>Got 2 Replies<br>Income Tax<br>1. Pvt Ltd.Co. Closed business....
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.... 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 Term....
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.... 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 a....
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....n 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 r....
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....efer 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 gai....
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....n. 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 d....
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....epreciable 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.<br> Discussio....
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