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section 54 EC

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(Querist)
26 May 2008 we have short term capital gain of Rs.50000/- U/S 50 but as per book profit on sale is coming to RS 550000/- due to That we have to pay Tax U/S 115JB. Now my question is whether can we invest U/S 54EC to save TAx U/S 115JB by investing in bonds of NHAI/REC ltd.

Thanks
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CA. Yayati Tyagi

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CA. Yayati Tyagi (Expert)
26 May 2008 sec. 54EC is applicable for long term capital gain only.
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R.V.RAO

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R.V.RAO (Expert)
26 May 2008 YES SRI TYAGI IS RIGHT.
STCG IS AVAILABLE FOR SET OFF AGAINST STCL OR LTCL
R.V.RAO
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