Time frame to invest under section 54ec

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Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2017 I have resigned as director of a Pvt Ltd company on 30th June 17. I am selling my share to other director in September 17. I wish to invest the fund, which I got after selling the shares within “SIX MONTH” , under Section 54EC. I wanted to know if the six month period will be considered from the resignation date or date on which I sold the shares.

sivaram

sivaram (Expert)

07 September 2017 From the date of sale of shares

Amol S Joglekar

Amol S Joglekar (Expert)

07 September 2017 6 months within the date of transfer of shares.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)

07 September 2017 Since on the date of resignation ,capital asset(Shares) was not transferred, the date of resignation is immaterial to calculate the time limit.

As others experts said, the date of sale of shares during September is the date to be reckoned with.

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