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Way out for company assessee

11 June 2015

A company assessee sold land resulting in capital gains.However, the fund was invested in flat for which company wont get any benefit u/s 54. Further time limit of 6 months has expired to invest money in REC /NHAI bonds. Is there any way out from this situation so that assessee not get taxed for Capital gains because the amount is huge(Around 2200000 cap gains)

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2 Replies

Hemanth Pullanikkat (Chartered Accountant) (89 Points)
Replied 11 June 2015

Hello Mr.Pawan

I need some clarifications about the date of sale of asset by the company and Is it a long term capital gain or not.

Because section 54EC of the Income Tax Act is ammended from the Assessment Year 2015-16. So to provide you help I need the sale date and the nature of capital gain.