Question And Answer
Subject: Capital Gains
Querist: Ruchi
Answered by:
Tags: , ,
Date: February 21, 2023
Query asked by Ruchi
  1. Assessee has old tools (Dies) about 150 years old and has no records of purchase or transfer till today.
  2. Valuation expert has made the valuation as of 2001 and it is about Rs. 30 lakhs.
  3. If the person capitalizes these tools (Dies) today with indexing from 2001, will there be any capital gain tax.

Please Guide.

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If these tools are used for business purposes, they are depreciable assets and will have no WDV as of date. Furthermore, the benefit of indexation will not be available in such cases. We would require more facts to understand the query better.

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