Exemption u/s 54EC
This query is : Resolved
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 )
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 )
M KRISHNAKUMAR
(Expert)
11 March 2009
NO. 54EC EXEMPTION IS MEANT ONLY FOR LONG TERM CAPITAL GAINS.
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.
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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