19 December 2015
I have query regarding Capital Gains, and the query is as under
The Assessee has sold Land in the month of January 2015 and the same was duly registered with part payment of stamp duty and the assessee received 20% of the total consideration. Further, balance consideration was received and stamp duty �was paid in the month of June 2015. The possession is not yet given to the purchaser as the the matter is under litigation.�
Q1: What would be the relevant date to be taken for investment in 54EC?
Q2: Is assessee eligible for claiming exemption under Section 54F if the investment is made in section 54EC and withdrwan subsequently?
Q3: What would be the Tax implications?
20 December 2015
01. It is better to invest within 6 months from each of installment so as to avoid the unnecessary litigations. There are decisions from both the sides. 02. Exemption u/s 54F can be claimed, Subject to, however, the other conditions set out in the said section.
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