Whether the benfit of exemption U/S 54EC be taken on Depreciable Asset.
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Capital gain
Replies (2)
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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