Assessee sells flat for 1 crore. Assume that net capital gain as on 01-04-2015 is 80 lakhs, can he then use the amounts as follows?
Rs. 50 lakhs invested in new flat u/s 54
Rs. 30 lakhs invested in bonds u/s 54EC
Is this allowed? Can he claim the same asset under 2 different sections in the same year? Thereby claiming entire 80 lakhs as deduction?
Yes, exemption under section 54EC along with any exemption u/s 54 or 54F, 54B can be claimed simultaneously.
Provided the new House acquired is not sold within three years of acquisition.
Taken from web site.
Only thing is 54EC - capital gain bonds of REC or NHAI cannot be combined with "Capital gain deposit account scheme" .
Any specific laws relating to that? Circular etc?
IN THE ITAT MUMBAI BENCH ‘D’ Assistant Commissioner of Income-tax, Cr-23(2) v. Deepak S. Bheda IT APPEAL NO. 5011 (MUM.) 2010 [ASSESSMENT YEAR 2007-08] JUNE 15, 2012
ORDER Vijay Pal Rao, Judicial Member
https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflaash/Documents/india-aug27-2012no3.pdf
Ruling
Thank You Sir
yes, provided the investment in bond is done on or before 30/09/2015 .
Did the department further appeal before HC in Deepak S. Bheda case? Is there any other case that has gone in favour of the assessee?
| Originally posted by : S. Shiroor | ||
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Only thing is 54EC - capital gain bonds of REC or NHAI cannot be combined with "Capital gain deposit account scheme" . |  |
Why not? Can anybody explain?
Say capital gain is Rs. 1.1 cr.
If the first 50L is invested within 6 months from the date of sale/transfer in bonds under sec. 54EC...
And then the remaining 60L is put in CGAS account before return filing due date .... deduction is claimed under sec. 54....
So what will be the issue?
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