Capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 December 2014
A son has inherited the shop from his father in 2003-04 and now want to sale the same in year 2014-15 can he claim the capital gain exemption U/s 54EC by investing the gain in REC/NHA Bonds within six months from date of sale.
02 December 2014
Yes.He can claim but maximum investment in REC/NHA is allowed upto Rs.50.00 lakhs.
02 December 2014
Yes both period of holding and cost of acquisition of previous owner will also be included in case capital asset received by way of gift or will under section 47 read with section 2(47) and section 55 of Income Tax Act, 1961
Further, as per section 54EC for claiming exemption investment should be made within period of 6 months from the date of transfer in bonds issued by NHAI of RECI
Further, as per section 54EC for claiming exemption investment should be made within period of 6 months from the date of transfer in bonds issued by NHAI of RECI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
