QUERY ON CAPITAL GAINS :- SECTION 54EC
Mr. X sales landed property in January 2006, & invests consideration received therefrom in NABARD CAPITAL GAIN BONDS on 22nd March, 2006, his application is accepted & bonds are allotted to him by NABARD.
In the meanwhile, om 28th Feb, 2006, Finance Bill 2006 is introduced, which proposes changes to sec 54EC which restricts the investment avenues to NHAI & REC only & removes NABARD from the list of “specified assets” with effect from 1st April 2006 retrospectively & the bill is passed in April 2006.
The point is whether Mr. X in this case will get the deduction u/s 54EC?
CA Deepak Gadgil
Solapur, Maharashtra
0217-2318152 / 9422068273 / 9325616287
CAclubindia
