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
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Value of property in capital gain
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- TDS APPLICABILITY......
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
