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tax exemption on sale os assets

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(Querist)
11 May 2009 Sir,

Case:
The property registered in the name of Firm M/s ABC.

The firm sold out its depreciable assets
on Say 10th May 2009.

Would it eligible for any kind of Tax exemtion u/s 54 etc.

And whether total gain will mbe taxable as STCG

pl clarify
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CA.MANOJ LAMBA

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CA.MANOJ LAMBA (Expert)
11 May 2009 gain on depreciable assets is STCG.no benefit is available u/s 54
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Ajay Goswami

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Ajay Goswami (Querist)
11 May 2009 Sir,

Suppose the above case relates to Non depreciable assets|??

Then what should be treatment??



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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 May 2009 Benefit u/s 54 is allowable only for individuals or HUF's.

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