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 )
11 March 2009
its not possible in section 54EC. the basic condition to claim deduction is that there must be a long term capital gain.
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