Re: [aaykarbhavan] Re: CAPITAL GAIN

Depreciable asset are not capital assets No capital gain or loss arises on such asset Sent from Yahoo Mail on Android

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From: sunil Athale <sdathale@gmail.com>;
To: <aaykarbhavan@yahoogroups.com>;
Subject: [aaykarbhavan] Re: CAPITAL GAIN
Sent: Sat, Jan 11, 2014 5:31:49 AM

The assessee has sold depreciable assets (factory Building)  and there is a capital gain. The asset is a long term assets. The assessee has invested same in another factory building which forms part of block of assets. However the assessee has given said new factory premises on rental. Is there any case law where capital gain is exempt to the extent invested in assets forming part of block of assets as the assessee is offering rent income for taxation.  s.d.athale mumbai  09892133045

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