Exemption of capital gain under section 54ec
This query is : Resolved
16 November 2016
Respected Sir/Madam
I have received residential flat as gift from my Grandmother in June 2016 which was purchased by her in 1992.
Now I have sold the same flat in Nov 2016.
whether I can invest capital gain in REC or NHAI bonds to get capital gain exemption
As as per section 54EC it is mandatory that transferred asset should be Long term (Whether period of Previous owner i.e. my Grandmother will be considered for Long term purpose)
Thanks in Advance
I have received residential flat as gift from my Grandmother in June 2016 which was purchased by her in 1992.
Now I have sold the same flat in Nov 2016.
whether I can invest capital gain in REC or NHAI bonds to get capital gain exemption
As as per section 54EC it is mandatory that transferred asset should be Long term (Whether period of Previous owner i.e. my Grandmother will be considered for Long term purpose)
Thanks in Advance
16 November 2016
Yes, please see section 2(42A) explanation 1(b) along with 49(1)(ii).
16 November 2016
Sir Thank You very much
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