Whether the benfit of exemption U/S 54EC be taken on Depreciable Asset.
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Capital gain
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No it can't be taken. Because gain on depreciable assets is always taken as STCG ,whereas exemption for 54EC is available only for LTCG.
As rightly mentioned by CA Karandikar, CG on sale/transfer of depreciable assets is STCG and exemption u/s 54EC is available only if original asset transferred is Long Term Capital Asset.
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