Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 February 2013
If a assessee sells a residential property and buys a new residential property.Is he eligible to claim exemption under section 54and/or 54F and/or 54EC?Whether the answer will change in case the assessee has claimed depreciation on the said property?
22 February 2013
I dont see any reason for rejection of exemption on account of asset being a depreciable asset.
You may refer to judgment of ITAT (Mumbai Bench) in the case of M/s. Jai Hind Rubber Products Pvt.Ltd. Vs. The ACIT, Cir 5(2) ITA No.2296/Mum/2011 – Assessment Year- 2007-08
You may refer to judgment of ITAT (Mumbai Bench) in the case of M/s. Jai Hind Rubber Products Pvt.Ltd. Vs. The ACIT, Cir 5(2) ITA No.2296/Mum/2011 – Assessment Year- 2007-08
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