07 July 2011
QUE:- IN F.Y. 10-11 CAPITAL ASSET OTHER THAN RESIDENTIAL HOUSE WAS SOLD AND A NEW RESIDENTIAL HOUSE WAS PURCHASED, THEREFORE SECTION 54F EXEMPTION WAS CLAIMED BUT IN NEXT YEAR ANOTHER NEW RESIDENTIAL HOUSE HAS BEEN PURCHASED HENCE LTCG EARLIER EXEMPT IS NOW TAXABLE .
CAN I TAKE THE BENEFIT OF SECTION 54EC BY PURCHASING BONDS OF NHAI SO THAT I CAN REDUCE MY LTCG TAX LIABILITY(WHICH WAS EXEMPTED IN EARLIERE YEAR BUT NOW TAXABLE)?
08 July 2011
can,t we take the exemption u/s 54f because 6 months shall be calculated from the date of original transfer, not from the date of breach of condition of claiming exemption ?
CAclubindia
