SEC. 50C & 54EC

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2011 The assessee sold a long term capital asset plot at Rs. 50 lac . Stamp valuation authority adopted valuation at 80 lacs. The assessee invested the net consideration of Rs. 50 lacs in specified bonds and claimed deduction u/s. 54EC on LTCG. The A.O. proposes to invoke sec. 50C whether correct?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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21 July 2011 You have to take the sale value as per 50C and then calculate the LTCG. If LTCG is more then 50 L then you have to pay Capital Gains Tax on the excess of 50L as deposited by you u/s 54EC.

AO is correct

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