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Section 54 EC

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 December 2010 How much exemption can i claim under section 54EC when i have sold a long term capital asset in Jan.If I invest 50 lakhs in Mar & another 50 lakhs in April,can I claim deduction of Rs 1 Cr.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
02 December 2010 One crore is possible as per https://www.simpletaxindia.org/2009/03/sec-54-ec-bonds-1-crore-capital-gain.html
But I feel that if the assessee prefers to do so by availing the celing of Rs. 1 crore by investing Rs. 50/- lakhs each in two financial years,it would mean that the law gives an additional benefit for those who postpone the transaction to the last quarter of the financial year thereby creating an adventurous situation inviting the risk of rejection by the income tax department.
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