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Exemption u/s 54EC

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(Querist)
11 March 2009 Sirs
I need to invest my income from short term capital gains in a long term specified asset as under section 54 EC.

Though the section specifies that only capital gain from long term assets can be invested in these specified assets, i need to know Whether there is any provision or case law that will enable me to claim exemption u/s 54 EC for investing short term capital gains.

( I ask this under the assumption that ultimately the gain is transferred to the government through the specified assets mentioned by it )
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M KRISHNAKUMAR

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M KRISHNAKUMAR (Expert)
11 March 2009 NO. 54EC EXEMPTION IS MEANT ONLY FOR LONG TERM CAPITAL GAINS.
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Anand

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Anand (Querist)
11 March 2009 Do anyone know what is the basis on which the act says that "only 'LTCG' invested in assets specified u/s 54 EC is exempt"?

There must be some reason behind this, which may prove worthy for finding the answer for the question I posted earlier.
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