Captial gains 54EC

yes but he has to submit the amount in SBI capital gain a/c...then only he can claim exemption...in case he doesnt invest the amount within 6 months from teh date of transfer the balance amount in the fund will become taxable....

regards.. 

Thank u Ms.Sneha. 

yes sneha is right.. if we can deposit in capital gain account before filing a return and intimate AO then we can claimed exemption..

in my view for section 54EC, SBI Capital gain account scheme (CGDS) is not applicable as Income Tax Act,1961 has restricted the time to 6 months only. you have to invest these within these period. and question to SONA SALINI my answer is that the assessee can claim the exemption for both the amount. it is not mentioned any where In section 54EC, that the eligible exemption should be invested in one year i.e. in2009-10 or 2010-11, it says it sud be within 6 months.

So the deposit should be made before filing the return. Is that right? 

what if the capital gain arises in the month of march and he invests in the month of august? 

how can this be claimed?

THE INVESTMENT SHOULD BE WITH IN 6 MONTHS, OTHERWISE THERE WILL BE NO EXEMPTION. IN ALL OTHER SECTION THE DEPOSITORY SCHEMES ARE AVAILABLE BUT FOR THE SECTION 54EC CGDS IS NOT AVAILABLE AS GOVT HERE HAS PROMOTED TO INVEST IN THESE BONDS BY LIMITING THE TIME. YOU CAN ALSO REFER THE ACT AND CHECK THAT IN ALL OTHER SECTIONS THE DEPOSITORY SCHEME IS MENTIONED EXCEPT THIS ONE. SO IF THE ACT IS SILENT IN THIS REGARD THEN WE CANNOT ASSUME IT. HENCE THERE IS NO OPTION FOR THE DEPOSIT SCHEME.

TO UR QUESTION IF CAPITAL GAIN IS IN THE MONTH OF MARCH AND IF THE ASSESSEE INVESTS IT IN AUGUST THEN HEWILL DEFINITELY GET EXEMPTION, BUT IF HE FILES RETURN IN THE MONTH OF JULY OR BEFORE AUGUST THEN HE WILL HAVE TO REVISE IT TO AVAIL THE SAME.

LOGICALLY THINKING IF ONE IS IN THE PLAN TO GET THE EXEMPTION THEN HE WILL DEFINITELY INVEST THESE BEFORE FILING THE RETURN AND WILL ENJOY THE BENEFIT.

BUT NO CGDS.

Ya Soumya ranjan is right this way...

Income tax act allows exemption U/s sec 54EC is investment made with in 6 months and if assese cannot take deduction u/s 80C of such investment.

Even  if assesse invest such LTCG amount after Due date of filling of Return....

YEAH ASSESSEE CANNOT TAKE DEDUCTION U/S 80C

Dear kuldeep u r right that maximum deduction allowed upto ` 50 Lakhs....

The maximum amount of investment in ANY FINANCIAL YEAR  can be Rs 50 lakhs. So if 50 lakhs is invested in march and 50 lakhs in may den i think he wll get full exemption of 1 crore in current AY .

yes he can take exemption of Rs. 1 crore in the current assessment year, as the section restricts the maximum investment amount to 50 lakhs, not the exemption amount.

from this A.Y. 1 crores as deduction but in previous a.y. it will be allowed as 50 lakhs

no the whole amount can be availed......