I had sold 1 katha land on Jan 2014 for Rs 1260000. Now I want to take advantage of 54EC (Bonds) and also would pay the boker Rs 1lakh for the deal. Now since the land was sold in last Financial Year, will there be any problem for me getting 54EC rebate if I invest in 54 EC bond in June 2014?
Also the land was in joint holding between my mother and me. Do we need to pay the broker 50,000 each from own accounts so that the 1 lakh of total brokerage is also divided between the two of us? Will there be any problem as the land was sold in last FY (Jan2014) and brokerage paid this FY (april2014) to get benefit of deduction of this 1 lakh from total capital gain?