11 March 2009
Sirs I need to invest my income from short term capital gains in a long term specified asset as under section 54 EC.
Though the section specifies that only capital gain from long term assets can be invested in these specified assets, i need to know Whether there is any provision or case law that will enable me to claim exemption u/s 54 EC for investing short term capital gains.
( I ask this under the assumption that ultimately the gain is transferred to the government through the specified assets mentioned by it )
CAclubindia
