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"dilemma" exemption under section 54 and 54 gb .

kabir (owner) (61 Points)

13 May 2018

Can exemption under section 54 & section 54GB both can be avail in a single gain transaction?

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5 Replies

rama krishnan (12244 Points)
Replied 13 May 2018

there's no restriction in claiming deduction under both section 54 and 54GB

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CA Rashmi Gandhi (Chartered Accountant) (86333 Points)
Replied 13 May 2018

Yes you can claim both exemption as there is no restriction in this regard....

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hardik (student) (73 Points)
Replied 13 May 2018

yyes yes yes you can claim 🙂🙂🙂

kabir (owner) (61 Points)
Replied 14 May 2018

the law doesn't say any think clearly on this and in section 54GB its says that entire sales proceed is utilizing in buying equity share of a new co with money been used in purchasing new plant and machinery and unutilize funds is depoisted in CGAS account and must be used in 1 year time for the date of purchase share in the company.

i have attach pages from ICAI direct tax book chapter capital gain and have highlighted that also.

i know ICAI is not a great sources of reference i hope if someone can check with the actual law or have FAQs form department regarding this it will a great contribution.

looking forward for valuable discussion

thanks to everyone in advance.