Exemption under sec 54ec and 54f for depreciable assets
This query is : Resolved
04 July 2014
Hi
It is mentioned that exemption under sec 54ec and 54f is allowable for depreciable assets provided they are long term assets. My query is that we calculate capital gains on the entire block. Some of these assets could be long term and some could be short term. What are the rules to calculate quantum if exemption if the block has a mix of long term and short term assets?
Thanks in advance
05 July 2014
In respect of depreciable asset Gain is always taxable at normal rate and never as long term capital gain. Only under once scenerio it is treated as long term when seller has claimed not depreciation in his income tax returns. Please don't claim it as long term capital gain it will create issues in your assessment.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
