Section 54ec
This query is : Resolved
05 March 2014
Can anyone kindly help me with the reason why CGDS account is not applicable to Section 54EC while it is applicable to all other account under Capital gains?
05 March 2014
because 54EC is available only for 6 months from the date of sale whereas other sections normally are available till 3 years from date of sale. so there is no need to CGAS account for 54EC.
05 March 2014
but if time period is only 6 months then instead,option should be given to deposit the amount in CAGS since time period is less..
while for other section have enough time period to invest the amount..
so what i think that CGAS(CGDS) should be made available to 54EC since we dont have muc time to invest the money..
kindly rectify if I am going wrong..
while for other section have enough time period to invest the amount..
so what i think that CGAS(CGDS) should be made available to 54EC since we dont have muc time to invest the money..
kindly rectify if I am going wrong..
05 March 2014
Joy CGAS was brought in to ensure that the assessee keeps capital gains in a designated account where he opts for claiming exemption by way of purchasing a house in 2 years or construct one in 3 years.
where you are anyways required to invest within 6 months, where is the need for a CGAS. if you dont invest in 6 months it anyways becomes taxable.
where you are anyways required to invest within 6 months, where is the need for a CGAS. if you dont invest in 6 months it anyways becomes taxable.
05 March 2014
for sec 54EC it must be invested within 6 months from date of transfer and not sale...
05 March 2014
Thanks Nikhil..
got it..
so if I invest in Bonds on 1st march then i will have a time period for investing the amount only 5 months (i.e from March to 31st July)and i will loose benefit of 1 month.
But if I had CGDS Account I would be able to deposit in that and would be able to extend my time period by one month.
Right?
got it..
so if I invest in Bonds on 1st march then i will have a time period for investing the amount only 5 months (i.e from March to 31st July)and i will loose benefit of 1 month.
But if I had CGDS Account I would be able to deposit in that and would be able to extend my time period by one month.
Right?
05 March 2014
sorry. did not understand your query. if you have invested on 1 March, what time period you looking for after that?
05 March 2014
sir
Isnt there a need to invest the amount in bonds before ITR due date?
Isnt there a need to invest the amount in bonds before ITR due date?
05 March 2014
no actually there is no direct such provision but 2 things u should keep in mind if u want benefit u/s 54EC
1.invest within 6 months from date of transfer of capital asset.
2.must invest between 1.4.2013 - 31.3.2014.
1.invest within 6 months from date of transfer of capital asset.
2.must invest between 1.4.2013 - 31.3.2014.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
