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Capital gains in pvt discretionary trust created by will

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Querist : Anonymous

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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?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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