CAPITAL GAIN -SEC54F &54EC

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Anuja (Querist)
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07 July 2011 QUE:- IN F.Y. 10-11 CAPITAL ASSET OTHER THAN RESIDENTIAL HOUSE WAS SOLD AND A NEW RESIDENTIAL HOUSE WAS PURCHASED, THEREFORE SECTION 54F EXEMPTION WAS CLAIMED BUT IN NEXT YEAR ANOTHER NEW RESIDENTIAL HOUSE HAS BEEN PURCHASED HENCE LTCG EARLIER EXEMPT IS NOW TAXABLE .

CAN I TAKE THE BENEFIT OF SECTION 54EC BY PURCHASING BONDS OF NHAI SO THAT I CAN REDUCE MY LTCG TAX LIABILITY(WHICH WAS EXEMPTED IN EARLIERE YEAR BUT NOW TAXABLE)?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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07 July 2011 NO WAY FOR EX UNDER SECTION 54EC THE GAIN MUST ARISE FM TRANSFER OF CAP ASSET WHICH IS NOT CASE HERE

CA MANOJ GUPTA
JODHPUR
09828510543

Anuja

Anuja (Querist)
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08 July 2011 can,t we take the exemption u/s 54f because 6 months shall be calculated from the date of original transfer, not from the date of breach of condition of claiming exemption ?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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08 July 2011 NO BECAUSE AGAIN GAIN IS NOT ARISING FM TRANSFER OF RESIDENTIAL HOUSE

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