07 September 2016
I purchasesd LTG bonds worth Rs.50 lacs in June 2016 against my LTG of Rs.50 lacs to avail tax exemption property A.
However I wish to sell property B in November 2016 and that will give Rs.45 lacs LTG. Since Bonds limit of 50 lacs is exhausted in this finl year, can i purchase bonds in April 2017 for availing exemption of property B sold in November 2016 ie. within six months. Will I get LTG tax exemtion ?
07 September 2016
Nov 2016? six months lapse would be May 2017.....so as it is NEXT financial year.....what is the problem? You can buy the said bonds in say April 2017... the next financial year
07 September 2016
Thanks Sir, But I ahve already availed the benefit of 50 lacs for one property and I want to sell another property in the same financial year. so in one year I have availed 50 lacs although for a different property.
07 September 2016
dear
if your first capital gain relates to Ay 16-17
and 2nd capital gain relates to AY 2017-18 then you can take benefit of section 54ec in both the cases.
08 September 2016
From your view I understand that since I have already availed 50lacs exemption in finl year 2016-17 in LTG of property A,. I cannot avail new 50 lacs exemption for property B for this financial year 2016-17 even if I sell it in Nov 2016 and buy 54ec bonds within 6 months in April 2017. ???
Sir i want to talk to you both. My number is 9993088860
CAclubindia
