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Investment in bonds covered u/s 54ec
Hi, I have a Question regarding investment in bonds covered U/s 54ec.
Background details- Ownership of the commercial property will be transferred before 31st march(FY 13-14) and consideration will come after 31st march, i.e. in FY 14-15.
The Question is- Since this is the case of change of financial year, will exemption be allowed(long term capital gains), if we invest the consideration, to be received after march, in the bonds covered under 54ec? Thank you.
Replies (2)
You have to invest within 6 months of transfer of long term capital assets.
that means if 6 months period is Still in your hand from date of transaction you can invest and take the benefit subject to limit of 50 lacs in each financial year.
Many thanks for your reply... does it mean that if it is within 6 months(of transfer and investment in bonds), it is allowable? Change of Financial Year does not matter?
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