Time limit for purchase of bonds u/s 54ec for nri

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2016 SIR/ MADAM
WHAT IS THE TIME LIMIT FOR PURCHASE OF BONDS U/S 54EC FOR NRI WHO SOLD HIS PROPERTY ON 08/11/2015

Shishir Nayak

Shishir Nayak (Expert)
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30 June 2016 You are allowed a period of 6 months to invest in these bonds – though to be able to claim this exemption, you will have to invest before the return filing date.

The NRI must make these investments and show relevant proofs to the Buyer – to make sure TDS is not deducted on the capital gains. The NRI can also claim excess TDS deducted at the time of return filing and claim a refund.

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2016 you mean can i purchase it now. i mean can i purchase bonds on 15/07/2016 i.e. before filing of income tax return

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CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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11 July 2016 The last date for buying the bonds was 7/5/2016. However, courts have held that if such bonds were not available during the last month of time limit provided then exemption will not be denied. But they have not specified how much delay is permissible.