sanjay shah (properitor) (71 Points)
05 October 2018Pls advise what is the current rules to calculate long term capital again on sale of ancestral gold.Can we invest in 54Ec bonds to
avoid tax.
Ankita Chachan
(practitioner)
(548 Points)
Replied 05 October 2018
Caluclate the long term capital gain by taking the value of gold as on 2001-02
Yes u can invest in 54ec
CA Rakesh Joshi
(Chartered Accountant )
(1272 Points)
Replied 05 October 2018
Section 54EC is allowed in case the transferred asset is a long term asset being Land, Building or Both.
The section is not applicable when the consideration is received from transfer of long term capital asset being a jewellary i.e Gold.
I think the deduction cannot be claimed u/s 54EC if you invest the money in NHAI / RECL Bonds.
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 05 October 2018
CAclubindia
