Whether the benfit of exemption U/S 54EC be taken on Depreciable Asset.
Capital gain
CA JATINDER KAPOOR (JOB) (305 Points)
23 May 2012
CA JATINDER KAPOOR (JOB) (305 Points)
23 May 2012
Whether the benfit of exemption U/S 54EC be taken on Depreciable Asset.
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 23 May 2012
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.
Sagar Tilak
(PROPRIETOR)
(396 Points)
Replied 27 May 2012
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.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
