Relief u/s 54ec - ltcg

first calculate capital gain..i.e. sale consideration - Indexed cost of acquision , then whatever amount cm invest under section 54EC

hey

can u provide me with a case law under section 54EC where the prescribed time limit of investment of 6 months falls under two different financial years but within mumbai jurisdiction

No benifit of exemption in this case

Thnx for your reply sir, but there are case laws of Goa, Bangalore, Chennai, and jaipur where exemptions are given and the case is in favour of the assessee, my requirement is that the A.O is asking for a case law which falls in Mumbai Jurisdiction

Please refer ipcc income tax practice mannual page no.4.112 q. No.-9. For A Y. 2013-14. Sec.54EC define that long term capital gain should be invested in RECL or NHAI within a period of 6 months from the date of transfer of asset. However, investment made in such bonds by an assessee during any finacial year cannot exceed 50 lakhs.

@ Mohd. Rizwan,

 

Sir, 

the investment is made within 6 months, the prblm is the 6 months are falling in 2 different financial years, as per the last line of your reply, investment is done within 6 months but in 2 different financial years so the assessee can claim benefit of Rs. 1 Cr. There are case laws on same were the benefit of exemption is also provided to the assessee, but i want a case law of mumbai jurisdiction which m not able to find anywere