Shiva Arunachalam (Student CS) (92 Points)
13 February 2014A Property was sold. In order to get relief from LTCG U/S 54EC of the Income Tax Act;
1. Whether the sale consideration is to be invested in bonds of NHAI, NABARD, REC etc.. ? Or
2. The Differential amount between land acquisition cost and indexation cost (sale consideration) is to be invested ???
Kindly advice me .
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 13 February 2014
first calculate capital gain..i.e. sale consideration - Indexed cost of acquision , then whatever amount cm invest under section 54EC
Vijay Mishra
(Intern)
(58 Points)
Replied 13 February 2014
hey
can u provide me with a case law under section 54EC where the prescribed time limit of investment of 6 months falls under two different financial years but within mumbai jurisdiction
CA Saheb Bhandari
(Propritor)
(22 Points)
Replied 14 February 2014
Vijay Mishra
(Intern)
(58 Points)
Replied 15 February 2014
Thnx for your reply sir, but there are case laws of Goa, Bangalore, Chennai, and jaipur where exemptions are given and the case is in favour of the assessee, my requirement is that the A.O is asking for a case law which falls in Mumbai Jurisdiction
Ricky
(Tax Consultant)
(98 Points)
Replied 17 February 2014
Vijay Mishra
(Intern)
(58 Points)
Replied 18 February 2014
@ Mohd. Rizwan,
Sir,
the investment is made within 6 months, the prblm is the 6 months are falling in 2 different financial years, as per the last line of your reply, investment is done within 6 months but in 2 different financial years so the assessee can claim benefit of Rs. 1 Cr. There are case laws on same were the benefit of exemption is also provided to the assessee, but i want a case law of mumbai jurisdiction which m not able to find anywere
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