26 February 2013
hi! 54ec talks about a transfer of a long term capital asset and if the capital gain is invested in bonds within 6 months capital gain or amount invested whichever is lower is exempt... is 54ec is available for sale of two properties instead of one house property....
26 February 2013
hi! 54ec talks about a transfer of a long term capital asset and if the capital gain is invested in bonds within 6 months capital gain or amount invested whichever is lower is exempt... is 54ec is available for sale of two properties instead of one house property....
26 February 2013
but the letter "a" means singular in sec 54ec ? the letter "a" has given importance in sec 54 meaning 1 residential house should be purchased for claiming exemption u/s 54 !
Section 54EC of the Act provides that the capital gain arising from transfer of a long term capital asset shall be exempt, if the amount of such capital gain is invested in capital gain bonds issued by Rural Electrification Corporation (REC) and National Highway Authority of India (NHAI) (hereafter referred to as the Specified Bonds) within six months from the date of the transfer of the subject capital asset. The amount of exemption would be equal to the amount of capital gain or the amount invested in the Specified Bonds, whichever is lower.
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