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

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Querist : Anonymous

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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

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

Querist : Anonymous

Querist : Anonymous (Querist)

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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

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...

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2014 OK THANKS TUSHARJI....

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

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

Querist : Anonymous

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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

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

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Nikhil Kaushik

Nikhil Kaushik (Expert)

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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