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Investment under section 54EC

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This query is : Resolved

trupti (Querist)

06 August 2009 If an individual parson obtains a long term capital gains, for tax saving as per section 54EC there is option to invest in “capital gain tax saving bond” within six months of transfer of long term fixed assets.
If tax payer applied and issued a D.D. to the investment in ‘capital gain tax saving bond’ within six months from the date of transfer of long term fixed assets, but bond issuing authority made a delay in processing the application and making query in application and after passing on six months (above mentioned period) authority allotted ‘capital gain tax saving bond’ after six months. Then can the tax payer get his capital gain as tax free through this allotted tax saving bond?

Vivek Gupta

Vivek Gupta (Expert)

07 August 2009 instead of putting down the details of teh section, i would simply answer... yes... as the money was allocated for teh deposit within 6 months

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