Amount deposited in Capital gain account scheme if not utilised withn in specified period amount of Capital gain is taxable. Whether that capital gain can be invested in in 54EC bond to get exemption.
Menu
Capital gain account scheme and 54ec bond
Replies (5)
yes u can invest in specified bond for exemptiin u/s 54 EC within 6 months.Maximum deduction is 5000000
@ Ravi Prakash first let me whether the capitalgain arising f
@ Raviprakash first let me know whether the capital gain arising from transfer of capital asset is a long term capital asset, 2ndly whether six months from the transfer of such long term capital asset has expired or not
Thanks fo reply. Fact of the case is assessee has invested the LTCG in Capital Gain account scheme with a plan to construct the house in 3 years. But in the year 3 he cancels the plan and as per law the capital gain is taxable in the year 3. The question is whether this taxable CG in the year 3 can be inveted in 54EC bond to avail exemption.
Not possible now. Has to pay Long term capital gain tax this year.
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
