"dilemma" exemption under section 54 and 54 gb .

Tax queries 192 views 5 replies

Can exemption under section 54 & section 54GB both can be avail in a single gain transaction?

 

Replies (5)
there's no restriction in claiming deduction under both section 54 and 54GB
Yes you can claim both exemption as there is no restriction in this regard....
yyes yes yes you can claim 🙂🙂🙂

the law doesn't say any think clearly on this and in section 54GB its says that entire sales proceed is utilizing in buying equity share of a new co with money been used in purchasing new plant and machinery and unutilize funds is depoisted in CGAS account and must be used in 1 year time for the date of purchase share in the company.

i have attach pages from ICAI direct tax book chapter capital gain and have highlighted that also.

i know ICAI is not a great sources of reference i hope if someone can check with the actual law or have FAQs form department regarding this it will a great contribution.

looking forward for valuable discussion 

thanks to everyone in advance.

 

Raise a separate query..... so experts will reply soon...


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