Exemptions in capital gain

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dileep kumar kadambala (Querist)
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26 July 2014 hi friends, we have a pvt Ltd company. we sold one of the land of the company which was included in block of assets of the company.so, we are liable to pay tax under the head of income from capital gain. is there any exemption provisions existed for getting exemption by putting reinvestment thanks in advance..

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 July 2014 yes it is taxable. for deduction refer 54EC,

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 July 2014 yes it is taxable. for deduction refer 54EC,

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 July 2014 54EC can be claimed.

Equivalent citation under erstwhile section 54 E are -

CIT V ACE Builders P Ltd (2005) 144 Taxman 855(Bom).

CIT V Assam Petroleum P Ltd (2003) 131 Taxman 699 (Gau).