Discussion on dt

Page no : 4

Yogita (Partner) (434 Points)
Replied 25 September 2012

Mam Long Term or short term is decided based on the holding period. & holding period is the period from when it is aquired till when it is disposed. so if the period is more then 36 months incase of all other assets other then shares & securities Listed on recognised exchanges such assets are defined as Long term assets. Now check our case give . machine is Long term capital asset & no where does 54ec say Long term gain but it says Asset transferred is a long term capital asset

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Madhavi (CA - FINAL) (1342 Points)
Replied 25 September 2012

so all depreciable assetss are short term capital asset and their transfer is also short term assets. we should also consider depreciation know while taking about long term or short term

Yogita (Partner) (434 Points)
Replied 25 September 2012

gains on Depreciable assets is always Short term but only when investment option is to be considered under 54ec then immaterial of the type of gains you have to check the class of assets based on holding period assets is under LTasset or STasset category based on holding period

Madhavi (CA - FINAL) (1342 Points)
Replied 25 September 2012

ok i got it. i am getting sleep. let us stop today. tommorrow same capital gains we will continue .is it ok?

Yogita (Partner) (434 Points)
Replied 25 September 2012

OK you can ask this 54ec googly to your tax teacher tomoro & show hin 54ec for interpration, chck what he says then i will gv you the relevent case law reference. Now I think madhavi a ranker for sure

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Yogita (Partner) (434 Points)
Replied 25 September 2012

Ok Mam, But you didnt tell me should i go in for Nov 2012 attempt or no. Do you feel I am reasonably prepared to write exams or not yet

Madhavi (CA - FINAL) (1342 Points)
Replied 25 September 2012

ya with god's grace i have to get through the nov exams with lot of hardwork and understanding the ocncepts.

Yogita (Partner) (434 Points)
Replied 25 September 2012

What about me ? should I go for Nov attempt or no. Do you feel i am prepared as I am not at all confident & am feeling very low as I told you earlier. WILL I CLEAR OR NO

Madhavi (CA - FINAL) (1342 Points)
Replied 25 September 2012

ya u have to go for nov attempt as u prepared well and one more thing i feel that you cleared ca if i hope i am not wrong. just you are telling me that you are going to give an attempt. which is still a wonder as I feel that you woruld have cleared ca final till date