Deduction u/s 54ec
This query is : Resolved
dattatraya
(Querist)
29 June 2013
I need a clarification:-
If I sold an assets on 1st Jan 2013 & invested Rs 50 lakhs before 31st march 2013 & additional Rs 50 lakhs in April 2013, how much deduction will I get, Rs 50 lakhs or Rs 1 cr?
If I sold an assets on 1st Jan 2013 & invested Rs 50 lakhs before 31st march 2013 & additional Rs 50 lakhs in April 2013, how much deduction will I get, Rs 50 lakhs or Rs 1 cr?
CA UMESH DULAL
(Expert)
29 June 2013
If you sold any Long term capital asset and invested on house property then you will be eligible for deduction (exemption of LTCG.
In your case you have invested on or before due date so you will be eligible for deduction provided above mentioned condition is fullfilled.
In your case you have invested on or before due date so you will be eligible for deduction provided above mentioned condition is fullfilled.
dattatraya
(Querist)
29 June 2013
Sir I am asking about Sec 54EC, investment in NHAI or RECL, you are telling me about investment in house property
CA UMESH DULAL
(Expert)
29 June 2013
Under 54EC, you have to invest the capital gain within 6 months from the date of transfer.
In your case you have sold assets on Jan and entire amount is invested before 6 months so you are eligible for exemption u/s 54EC
In your case you have sold assets on Jan and entire amount is invested before 6 months so you are eligible for exemption u/s 54EC
dattatraya
(Querist)
29 June 2013
Sir but as per Shri Raj Kumar Jain & Sons (HUF) 2012, Jaipur ITAT held that as per section 54EC investment within 6 months is investment for that particular financial year in which transfer has taken place and said period of six months would not include some part of subsequent financial year.
So I guess total deduction u/s 54EC is restricted to Rs 50 lakhs only
So I guess total deduction u/s 54EC is restricted to Rs 50 lakhs only
29 June 2013
Rupees One crore can be claimed u/s 54EC.
Citation:- Shri Aspi Ginwala Vs. ACIT (2012) 44 (II) ITCL 488 (Ahd- Tri).
Citation:- Shri Aspi Ginwala Vs. ACIT (2012) 44 (II) ITCL 488 (Ahd- Tri).
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CA UMESH DULAL
(Expert)
29 June 2013
But such condition is not mentioned on the section 54EC.
I thing the ITAT is erred on interpreting provision of 54EC.
I thing the ITAT is erred on interpreting provision of 54EC.
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dattatraya
(Querist)
29 June 2013
So we have different decisions of different tribunal. In such case I think we should take base of that decision which is beneficial to the assessee.
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