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Can i avail benefit of sec.54 ec?
a client had entered in an agreement to sale property in march 13. However the sale deed was executed in april 13. During agreement to sale in march he received money which was invested as per sec 54 ec. (maximum 50 lacs was utilised). He received balance payment at the time of sale deed in april. Can he again invest in the bonds as the provision provides for maximum ceiling of 50 lac per financial year and not on the transaction.
Is it correct to take the benefit as per agreement to sale date(march) and not the date as per sale deed(april)?
Replies (2)
Hi aanshay,
as per ACIT, ajmer v raj kumar jain (HUF) u can't take dual banifit from this section
you can't take 1 cr as deduction in sec. 54EC
Dear aanshay..
I think that double benefit can be taken....
because 54 EC limit 50 Lacs per financial year..and since you have invested 50 lac in march...than you can take 50 lacs benefit within 6 month block again...
i dont think so that the fact of above case law referred by " MR. R....halpfull hand is back"
is same as your query....
so you can invest.....
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