About sec54 of it act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2011
Sec54 is applicable depreciable asset
01 August 2011
Gain on depreciable asset results is Short Term Capital Gain for which no exemption is provided under the I T Act,1961.There fore, you can not avail of exemption u/s 54 of the said act. However, B'bay high court had given a verdict allowing 54EC on depreciable asset.
01 August 2011
No Section 54 is not applicable on depreciable assets
01 August 2011
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