54EC Bonds after 180 days?
This query is : Resolved
25 October 2023
I sold my property on 17-April-2023.
Am I eligible to buy 54EC bonds now to claim capital gains exemption? i.e after 180 days but within 6 calendar months i.e within 31-October-2023.
Further to above question, if I am eligible for exemption, even if I purchase the REC 54EC bonds now (after 180 days but before 31-Oct-2023), will IT department automatically accept it or I need to fight for it as the purchase of bonds is after 180 days but within 6 calendar months. Will Income tax department send notice since the investment in 54EC bonds is after 180 days?
Here 6 months statement w.r.t 54EC bonds leads to ambiguity and it is not clear.
Please help with more accurate information for above 2 questions.
Am I eligible to buy 54EC bonds now to claim capital gains exemption? i.e after 180 days but within 6 calendar months i.e within 31-October-2023.
Further to above question, if I am eligible for exemption, even if I purchase the REC 54EC bonds now (after 180 days but before 31-Oct-2023), will IT department automatically accept it or I need to fight for it as the purchase of bonds is after 180 days but within 6 calendar months. Will Income tax department send notice since the investment in 54EC bonds is after 180 days?
Here 6 months statement w.r.t 54EC bonds leads to ambiguity and it is not clear.
Please help with more accurate information for above 2 questions.
25 October 2023
It's 6 calendar months not 180 days.
See the link.
https://taxguru.in/income-tax/sec-54ec-months-means-calendar-months-180-days.html#:~:text=54EC%2D%20Six%20months%20means%20six%20calendar%20months%20and%20not%20180%20days
See the link.
https://taxguru.in/income-tax/sec-54ec-months-means-calendar-months-180-days.html#:~:text=54EC%2D%20Six%20months%20means%20six%20calendar%20months%20and%20not%20180%20days
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25 October 2023
Thanks for sharing the link. As per the link, even if I invest now (i.e. before 31-Oct-2023), I am eligible for deduction under section 54EC, please confirm on this.
25 October 2023
Yes you are right....
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25 October 2023
Further to above question,
Will Income tax department automatically consider 6 calendar months for 54EC or they still consider 180 days due to ambiguity and send notice? Any idea about this?
What is the solution, if such notice is received.
Will Income tax department automatically consider 6 calendar months for 54EC or they still consider 180 days due to ambiguity and send notice? Any idea about this?
What is the solution, if such notice is received.
25 October 2023
No ambiguity no notice will be received. In case notice is received reply citing decision quoted in the link provided.
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25 October 2023
Thanks for the information.
25 October 2023
You are welcome
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