Section 54EC
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 February 2011
If the indexed cost of acquisition of shares is Rs. 275 lacs and the sales consideration of Rs.400 lacs is received in November,2010,what is the deduction permissible under Section 54EC of the Income Tax Act ?
According to me,Rs. 50 lacs in FY 2010-11 and Rs.50 lacs in FY 2011-12 are exempt as Capital Gain.Please confirm that in total Rs. 100 lacs are exempt.
According to me,Rs. 50 lacs in FY 2010-11 and Rs.50 lacs in FY 2011-12 are exempt as Capital Gain.Please confirm that in total Rs. 100 lacs are exempt.
03 February 2011
Decudtion u/s 54EC will be limited to Rs. 50 lacs abd it will be allowed only once in the financial year 2010-11.
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 February 2011
Deduction u/s 54EC is available upto Rs. 50 lacs in each Financial Year.In the given case,the transfer of the shares took place in November,2010 and the time limit of six months for investment in the specified bonds spils into the next FY 2011-12.Therefore,decuction of Rs. 50 lacs in eah financial year can be claimed.
Can anyone confirm this ?
Can anyone confirm this ?
03 February 2011
Pl see answer no.1 in http://www.simpletaxindia.org/2009/02/capital-gain-54b54ec54f-combined.html
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