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Capital gain tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2014 A son has inherited the shop from his father in 2003-04 and now want to sale the same in year 2014-15 can he claim the capital gain exemption U/s 54EC by investing the gain in REC/NHA Bonds within six months from date of sale.
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shivaji prasad bhimavarapu

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shivaji prasad bhimavarapu (Expert)
02 December 2014 Yes.He can claim but maximum investment in REC/NHA is allowed upto Rs.50.00 lakhs.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
02 December 2014 Yes both period of holding and cost of acquisition of previous owner will also be included in case capital asset received by way of gift or will under section 47 read with section 2(47) and section 55 of Income Tax Act, 1961

Further, as per section 54EC for claiming exemption investment should be made within period of 6 months from the date of transfer in bonds issued by NHAI of RECI
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