Capital gains on sale of commercial property

mandalia (Querist) 09 December 2015 This query is : Resolved
Respected sir,

Ours is a partnership firm, having commercial office, which was purchased on 1983 for value 1.5lac and later on in 2015 was sold at 29.5 lac.
Can you advice me, what will be the net tax calculations on such sale. Can we claim indexation or not?
If, It's short term capital gains, can the gains can be taken as a business income?

please advice, thanks.

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K.S.Srinivas (Expert) 13 December 2015
Put this query on CA club.

T. Kalaiselvan, Advocate (Expert) 19 December 2015
Your auditor or a local tax consultant will be having a perfect answer to your this query, why dont you approach one.

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