Section 54ec & stcg on depreciable asstes u/s 50

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 March 2014 MY QUERY IS REGARDING HOW TO CLAIM EXEMPTION U/S 54EC FROM STCG ON DEPRECIABLE ASSETS U/S 50 WHILE FILING INCOME TAX RETURN?

28 March 2014 sec 54EC is allowed in case of capital gain arising in long term capital assets transferred.

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Querist : Anonymous

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28 March 2014 MY CAPITAL ASSET IS LONG TERM CAPITAL ASSET BUT DUE TO FICTION U/S 50 MY GAIN ARISING FROM SALE OF ASSET IS SHORT TERM CAPITAL GAIN. SO ACCORDING TO DECISION OF ITAT,MUMBAI, ITA NO. 2296/MUM/2011 , M/S JAI HIND RUBBER PRODUCTS PVT.LTD VS THE ACIT,EXEMPTION U/S 54EC CAN BE CLAIMED ON GAIN ON SALE OF LONG TERM CAPITAL DEPRECIABLE ASSET. SO, WHERE TO SHOW THIS EXEMPTION IN I T RETURN?

28 March 2014 if u are not staying in mumbai then ur jurisdictinal ao may while making ur assessment disallow this...so take an experts help and then file itr...

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Querist : Anonymous

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28 March 2014 OK THANKS TUSHARJI....

28 March 2014 you are welcome friend...............................

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 March 2014 & ALSO TELL ME IF I AM STAYING IN MUMBAI, THEN WHERE TO SHOW THIS EXEMPTION U/S 54EC FROM CAPITAL GAIN U/S 50?

28 March 2014 under exempt sch mentioned under capital gain sch.

29 March 2014 there are several cases in favor of assessee in this regards:

In addition to Hind Rubber, you can also refer to ace builders, Aditya Medisales Limited, Bharat Enterprise, Assam Petroleum, etc.


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