54ec
This query is : Resolved
21 March 2012
Hi All,
One of my clients sold a property in FY 11-12 and invested in RECL 50L, He is planning to sell one more property and invest again 50L in RECL
Can he do that or only once its allowed . ?
One of my clients sold a property in FY 11-12 and invested in RECL 50L, He is planning to sell one more property and invest again 50L in RECL
Can he do that or only once its allowed . ?
21 March 2012
Proviso to section 54EC(1) says the investment made on or after 1/4/2007 in the long term specified asset by an assessee during any financial year should not exceed Rs. 50 lacs. Emphasis is on financial year. So in your case maximum is Rs. 50 lacs.
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