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Section 54EC

This query is : Resolved 
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(Querist)
20 March 2010 "(b) if the cost of the long-term specified asset is less than the capital gain arising from the transfer of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of acquisition of the long-term specified asset bears to the whole of the capital gain, shall not be charged under section 45"

Example-
Indexed Cost of Acqusition - Rs. 100000
Sale Price - Rs. 1000000
Capital Gain - Rs. 900000
Investment in NHAI & RECI Bonds - Rs. 500000

How much amount will be taxable as capital gain & how much will not be chargeable to tax ?
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
20 March 2010 rs. 5,00,000 exempt u/s 54ec and balance rs. 400000 will be taxable as capital gain
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CA Dron Bharadwaj

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CA Dron Bharadwaj (Querist)
22 March 2010 What is the significance of PROPORTION in the above section ?
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
23 March 2010 FOR SEC. 54EC FULL AMT. OF CAPITAL GAIN IS EXEMPTED IF DEPOSITED TO SPECIFIED SCHEME & WITHIN THE TIME.

NO PROPORTION FOR SEC 54EC
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