Gain from depreciable assets

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2014 whether the gain from depreciable asset can be utilised for claiming exemption under section 54EC

Rupesh Jain

Rupesh Jain (Expert)
Follow

23 June 2014 it will be taxable under the Head "Short term capital gain ".

Message likes : 1 times

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

23 June 2014 Please note that 54EC is available to such gains only where the asset was held for more than 3 years before selling it away.

section 50 only provides for computation of gains...it doesnt mandate the property to be treated short term or long term capital asset.

you may refer COMMISSIONER OF INCOME TAX vs. ACE BUILDERS (P) LTD. (HIGH COURT OF BOMBAY), (2006) 281 ITR 210 (BOM)

COMMISSIONER OF INCOME TAX vs. RAJIV SHUKLA, HIGH COURT OF DELHI (2011) 334 ITR 138 (DEL)

COMMISSIONER OF INCOME TAX vs. ASSAM PETROLEUM INDUSTRIES (P) LTD., HIGH COURT OF GAUHATI (2003) 262 ITR 587 (GAU)

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now