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Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

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The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

• Review the issues identified by the AI
• Add, edit, remove, or refine issues as required

Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

• Relevant statutory provisions
• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

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Section 112: Tax on Long-Term Capital Gains from Depreciable Assets Remains 20% Despite Short-Term Classification u/s 50.

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....Rate of tax on sale of depreciable assets - STCG vs LTCG - as per Section 112 of the Act, the tax on long term capital gains on transfer of a long term capital asset is @ 20% and, therefore, even if the capital gains is deemed as short term capital gains in terms of Section 50 of the Act, but for all other purposes including for the purpose of Section 112, the deeming fiction cannot be extended for rate of taxes- AT....

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Section 112: Tax on Long-Term Capital Gains from Depreciable Assets Remains 20% Despite Short-Term Classification u/s 50.