Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 November 2011
i sold residentil house for 1.5 crore on10/11/2011. cCapital gain is calculated as 1.25 crore. I want to invest Rs 45lacs in new house,invest Rs 50lacs in 54EC bonds till31/3/12 & 30lacs in 54EC bondsin april 2012 can I get exemption on entire amount ? As amount invested in Bonds is in 2 different financial years will my capital gain accrued in FY 2010/11 be entirely exempted?
CA SUMiT PATWARi
(Expert)
20 November 2011
Yes you can get the exemption on entire amount as the time limit is 6 months from the date of transfer. there is no restriction of financial year.
And according to me, you can claim simultaneous exemptions under section 54 and sec 54EC, as no where it is clarified that these two sections are mutually exclusive.
And according to me, you can claim simultaneous exemptions under section 54 and sec 54EC, as no where it is clarified that these two sections are mutually exclusive.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- Issuing of delivery challan by seller of goods
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
