https://www.taxtmi.com/caselaws?id=456730 Where partners had introduced hospital land and building as capital contribution and the assets were reflected and depreciated in the firm's books, the transfer was treated as effective for tax purposes and the capital gains on sale were taxable in the partnership firm's hands, not in the hands of the individual partners. The firm was also held entitled to section 54EC relief because the provision requires investment of the capital gains in specified bonds within the prescribed time, and does not insist that the bonds be purchased only in the assessee's own name. The fact that the asset sold was depreciable and the gain was computed under section 50 did not, by itself, deny the exemption, subject to the statutory ceiling. en-us Fri, 30 Jan 2015 00:00:00 +0530 Sat, 10 Aug 2024 14:05:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456730 Where partners had introduced hospital land and building as capital contribution and the assets were reflected and depreciated in the firm's books, the transfer was treated as effective for tax purposes and the capital gains on sale were taxable in the partnership firm's hands, not in the hands of the individual partners. The firm was also held entitled to section 54EC relief because the provision requires investment of the capital gains in specified bonds within the prescribed time, and does not insist that the bonds be purchased only in the assessee's own name. The fact that the asset sold was depreciable and the gain was computed under section 50 did not, by itself, deny the exemption, subject to the statutory ceiling. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456730