Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2011 i sold residentil house for 1.5 crore on10/11/2011. cCapital gain is calculated as 1.25 crore. I want to invest Rs 45lacs in new house,invest Rs 50lacs in 54EC bonds till31/3/12 & 30lacs in 54EC bondsin april 2012 can I get exemption on entire amount ? As amount invested in Bonds is in 2 different financial years will my capital gain accrued in FY 2010/11 be entirely exempted?

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
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20 November 2011 Yes you can get the exemption on entire amount as the time limit is 6 months from the date of transfer. there is no restriction of financial year.

And according to me, you can claim simultaneous exemptions under section 54 and sec 54EC, as no where it is clarified that these two sections are mutually exclusive.