A person sold a plot of land (long term asset) in March,07. Now he can invest the money under Sec. 54EC upto September,07. How should he treat capital gain in his income tax return for FY 2006-07.
Please suggest
1 Replies
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 10 May 2007
please check section 54EC if there is a condition that if investment is not made before due date of filing of return , if it is before september 07, some action is required .....otherwise while filing the return for financial year 2006-2007 enclose the evidence of investment as per section 54EC and claim exemption. :)
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