1 crore exemption u/s 54ec

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CA. Amit G. Chandani (Querist)
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10 April 2012 Dear Experts,

Please clarify on following?

If LTCG of Rs. 1.10 crore has arised in January, 2012 and person invest Rs. 50 lakh in Section 54EC bonds in February, 2012 and further sum of Rs. 50 lakh in April, 2012.
Can the person claim exemption of Rs. 1 crore u/s 54EC in AY 2012-13?

Thanks & Regards.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 April 2012 Yes possible.
Citation :- Mr. Aspi Ginwala Vs.Asst CIT decision dated 30/03/2012 of ITAT , Ahmedabad in ITA no. 3226/Ahd/2011.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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10 April 2012 Yes. It can claimed as exemption since the section does not say anywhere that investment shall be made within the same financial year. However, it restricts the investments to be made in the same financial year to Rs. 50 lacs.

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