Capital gains in pvt discretionary trust created by will
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 September 2011
I manage a private discretionary trust created by will. Can provisions of sec 54 exempting Long term capital gains apply to it?
21 September 2011
Section 54 is applicable only to an individual or HUF.
Since a trust is neither of the above, it is not eligible for exemption u/s 54.
Although trust is taxed as an individual and the slab rates applicable to a trust are those applicable to an individual, however for the purpose of Section 54, the trust shall not be able to claim exemption.
Since a trust is neither of the above, it is not eligible for exemption u/s 54.
Although trust is taxed as an individual and the slab rates applicable to a trust are those applicable to an individual, however for the purpose of Section 54, the trust shall not be able to claim exemption.
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