GK
TAXES IN INDIA
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Short-term capital gain
|
|
|
Long-term capital gain
|
|
|
Short-term capital gain or loss
|
|
|
Long-term capital gain or loss
|
Detailed explanation-1: -Expert-Verified Answer. Option C) Short-term capital gain or loss is correct. Where the depreciable assets is transferred after 36 months there will be short-term capital gain or loss.
Detailed explanation-2: -Long Term Capital Asset. Capital Asset that held for more than 36 months or 24 months or 12 months, as the case may be, immediately preceding the date of transfer is treated as long-term capital asset.
Detailed explanation-3: -If the person sells a capital asset that forms part of the block of assets on which depreciation has been allowed as per the provisions of the Income Tax Act, the income from such sales is a capital gain.
Detailed explanation-4: -The short-term capital asset is a capital asset held by an assessee for not more than 36 months immediately preceding the date of its transfer. Therefore, a capital asset held by an assessee for more than 36 months immediately preceding the date of its transfer is a long-term capital asset.