Capital gain

Save Share

This query is : Resolved

Lalita (Querist)
Follow

12 January 2012 Assessee Sold his Residential House Property in the month December 2011 and Invested Rs 50,00,000/- U/s 54 EC Bond before March 2012 and required to Invest further Rs 50,00,000/- Under 54EC after March 2012 , but with in SIX months . Whether assessee entitle for Deduction U/S 54 EC of RS 1,00,00,000/- for Asst. Year 2012-2013

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

12 January 2012 Yes, the amount is deductible.
In Income Tax generally Previous Year is referred. In Section 54EC, you will get "Financial Year".
So for FY 2011-12, 50.00 lac investment is allowed. And for FY 2012-13 50.00 lac investment is not denied.
.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now