Section 54ec

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khetesh (Querist)
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26 June 2012 U/c 54EC provides exemption for LTCG,If,Amt. of such gain invested notified bond within 6 months.but my question is,if Amt recd.in advance befor registered sale deed of property and money is soon deposited in prescribed bond U/s 54EC.then what,can i takes this exemption?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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26 June 2012 1. Transfer takes place when the POSSESSION is handed over. registry is NOT important.

2. If amount is deposited within 6 months of handing over of possession, then you are eligible for exemption.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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26 June 2012 Dear User,

Capital gain is taxable in the year in which transfer takes place u/s 45.
Advance receipt is not taxable and 6 months for investment u/s54EC shall be recognised from the date of such transfer. In your case, you have received advance towards sale of propety but the property in assets or the possession is transferred lateron.
Investment should be made within 6 mmonths from the date of transfer and registration date is not to be considered.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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26 June 2012 Exemption u/s 54EC on investment made before transfer not allowable.
(Smt. Dakshaben R. Patel v. ACIT-IT
APPEAL NO. 2803 (AHD.) OF 2011 [ASSESSMENT YEAR 2008-09]-MAY 31, 2012)

khetesh

khetesh (Querist)
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26 June 2012 Thank you sir, but from which site i can refer the case?

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