Hi friends,
Whether deduction under Section 54EC of the Income Tax Act, 1961 is available even if investment was made before transfer of Long term Specified Asset. Kindly clarify my doubt along with case laws if any as soon as possible.
4 Replies
Practitising CA
(57 Points)
Replied 01 March 2021
It should be invested u/s 54 EC within 6 months from the date of transfer
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 01 March 2021
54EC should be available when you invest in specified areas within 6 months of transfer
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 01 March 2021
It should be invested within 6months of transfer
Kapadia Pravin
(17264 Points)
Replied 01 March 2021
No prior investment qualify for 54EC deduction. You have to invest after realisation of capital gain within six months.
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