an assessee has sold his land in rural area and he earns a long term, capital gain. he has no option to claim deduction u/s 54 F or 54 EC. please suggest me.
3 Replies
Amir
(Learner)
(4016 Points)
Replied 13 January 2010
Dear Ravi,
Sec 54F & Sec 54EC are the exemptions & not deductions...
Anyways, ya these are the only two sections in which Gain can be exempted..But if he has some Short/Long Term Capital Loss then it can be setoff with this Long Term Capital gain..Unabsorbed Depreciationis another thing which u can look at.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 13 January 2010
Ravi, i doubt on ur Q...
I mean, u saying that the assessee can't claim exemption u/s 54EC & 54F or asking this Q...
Nywz, if u r asking, then ofcoarse he can get such exemption undoubtedly...
But if u r saying that he cant claim and u want some other source, then in VERY NORMAL CIRCUMSTANCES... he can either claim loss from business of that year or unabsorbed depreciation, brought forward capital losses.... or atleast can deposit in scheme under sec 54EC and 54F
C.Balaji
(Learner)
(1867 Points)
Replied 13 January 2010
Mr.Ravi
Long Term Capital Gain on sale of Land - exemption U/S 54 EC and 54 F available......
Moreover any current year STCL,LTCL or brought forward LTCL,STCL or Unabsorbed depreciation or HP loss or Biz Loss(not speculative) can be adjusted...
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