I had invested in REC Bonds due to capital gains in 2011. But, due to some problem, the deal is likely to get revoked. Can I get early reffund of the bonds? I will have to get that money to pay back for cancelled deal. What procedure should I adopt? Please advise.
Yes, the amount invested in 54EC bonds can be withdrawn before expiry of 3 years. But in that case, the long term capital gains that were exempt earlier due to investment in such bonds, will now become taxable in the year of withdrawal.
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