Dear Sir/Madam,
I have this doubt related to Section 54ec which allows investment of capital gain amount restricted to 50 lacs per transaction (thru some recent amendment for AY2015-16 or so). Is there any clause in this section that would prevent the assesee from using the section for saving this capital gain for being completely taxable one which says that the assesse should not be possessing a 2nd residential property at the time of the transaction that gave rise to the capital gain.
I am not able to understand all of the words used to describe these sections from the ready reckoner of previous years and also not sure if there has been a amendment introduced in this regards to abov query in the current FY.
I am an engineer by profession so pls excuse any basic mistake in this query.
Best Regards
Krishna DS
CAclubindia
