Long term capital gain
This query is : Open
07 September 2016
I purchasesd LTG bonds worth Rs.50 lacs in June 2016 against my LTG of Rs.50 lacs to avail tax exemption property A.
However I wish to sell property B in November 2016 and that will give Rs.45 lacs LTG. Since Bonds limit of 50 lacs is exhausted in this finl year, can i purchase bonds in April 2017 for availing exemption of property B sold in November 2016 ie. within six months. Will I get LTG tax exemtion ?
Sandeep Agrawal
9993088860
However I wish to sell property B in November 2016 and that will give Rs.45 lacs LTG. Since Bonds limit of 50 lacs is exhausted in this finl year, can i purchase bonds in April 2017 for availing exemption of property B sold in November 2016 ie. within six months. Will I get LTG tax exemtion ?
Sandeep Agrawal
9993088860
07 September 2016
Nov 2016? six months lapse would be May 2017.....so as it is NEXT financial year.....what is the problem? You can buy the said bonds in say April 2017... the next financial year
07 September 2016
dear
You can avail the benefit of exemption under 54ec.
As this deduction is year based and property based.
You can avail the benefit of exemption under 54ec.
As this deduction is year based and property based.
07 September 2016
Thanks Sir,
But I ahve already availed the benefit of 50 lacs for one property and I want to sell another property in the same financial year. so in one year I have availed 50 lacs although for a different property.
But I ahve already availed the benefit of 50 lacs for one property and I want to sell another property in the same financial year. so in one year I have availed 50 lacs although for a different property.
07 September 2016
but the investment could be in next financial year
07 September 2016
Please refer https://www.caclubindia.com/articles/capital-gains-exemption-u-s-54ec-of-income-tax-act-1961-13227.asp
07 September 2016
Anybody ???
07 September 2016
dear
you can not avail the benefit of more than 50 lakhs in same AY for capital gain
07 September 2016
since your limit has been exhausted can are not eligible for deduction under section 54ec
07 September 2016
dear
if your first capital gain relates to Ay 16-17
and 2nd capital gain relates to AY 2017-18 then you can take benefit of section 54ec in both the cases.
08 September 2016
54EC investment is per year basis......the CAP is per year and NOT per capital gain
08 September 2016
From your view I understand that since I have already availed 50lacs exemption in finl year 2016-17 in LTG of property A,. I cannot avail new 50 lacs exemption for property B for this financial year 2016-17 even if I sell it in Nov 2016 and buy 54ec bonds within 6 months in April 2017. ???
Sir i want to talk to you both. My number is 9993088860
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