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?
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
AO is correct
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