Answers By Expert: Advocate Denning
  One of our factories is shut for more than 2 years with no operations. Can we still claim depreciation?
We have two factories, one at Bombay and the other at Delhi. The factory at Bombay is operational. However, the factory at Delhi has been shut for two years with no activity. Are we entitled to claim depreciation on the assets installed there?


► Read Answer

  Can I claim set-off of long term capital loss incurred on sale of listed securities against taxable income?
I have deployed surplus funds by way of investments in listed shares & securities. During the relevant year I sold holdings in different listed companies and derived long term capital gain of Rs.77,330/- and incurred long term capital loss of Rs.6,05,425/-. The AO noted that the aggregate long term capital gain of Rs.77,330/- derived on sale of listed shares fulfilled the conditions prescribed in Section 10(38) and therefore held it to be exempt from income-tax. With regard to claim of long term capital loss of Rs.6,04,425/-; he held that since the gain derived from sale of long term listed shares…


► Read Answer