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section 54EE

Heerak Jain (18 Points)

03 March 2019

exemption is available for STCG from depreciable asset held for more than 36 months.

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 04 March 2019

Yes.

Depreciable Assets held for more than 36 months do not lose its Character of being a Long Term Capital Asset even though Sec 50 is applied.

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Heerak Jain (18 Points)
Replied 05 March 2019

but sir in income tax law this thing is not mentioned as in 54EC

Damyantee Rai (other) (292 Points)
Replied 06 March 2019

The Kolkata bench of ITAT recently announced that the depreciable assets which had been held for more than 36 months prior to its sale, does not lose its character of being a long term capital asset, even though it might get taxed as short term capital gain in terms of deeming fiction provided u/s 50 of the Act.

Read more at: https://www.taxscan.in/depreciable-assets-more-than-36-months-lose-character-being-long-term-capital-asset-itat/16867/

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