Exemption u/s 54ec

Tax planning 113 views 1 replies

 

Hello Friends

If a Assesse transfers his land (Single land) in different parts to different persons on different dates then how will section 54 EC shall apply ??

Q1 . From which date period of 6 months shall be counted ? whether it is from date of first transfer or whether it shall be counted from date of respective transfer?

Q2 Whether exemption u/s 54F is also available along with section 54EC ? 

If sec 54F is also available and assessee invest net consideration of all transfers in purchase of one residential house property then whether exemption is available for all transfers or only in respect of first transfer??               

Thanks 

 

Replies (1)

Hi,

Q1 . From which date period of 6 months shall be counted ? whether it is from date of first transfer or whether it shall be counted from date of respective transfer?

Ans. You can count the capital gain from date of respective transfer.

Q2 Whether exemption u/s 54F is also available along with section 54EC ? 

Ans. you can opt either 54 EC OR 54 F as under section 54F you have to invest full consideration, and the asset is one land so we have to count the full consideration though the transfer is made to different party.

If sec 54F is also available and assessee invest net consideration of all transfers in purchase of one residential house property then whether exemption is available for all transfers or only in respect of first transfer??    

Ans. Yes, 54 F is available to assesse if investment is done in one residential house property.          

 


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