Section 54ec

Tax queries 389 views 1 replies

Respected Friends,

There is a query regarding section 54EC under which there is an investment claimed under bonds(REC or NHAI) prior to 6 months but no investment made upto that date due to certain reasons.So whether such such bonds be taken as STCG or LTCG?and for which year the amount will be taxable if investment is claimed in the F.Y,2012-13?Whether any penalty implication will come into place?

 

Pls Guide me on the Said issue.

Replies (1)

The capital gain will be taxabe in the year of Transfer. So in which year the capital asset was sold , it will be taxed . 

It will be STCG / LTCG depending upon in whether it was STCG / LTCG in the year of transfer and still be STCG / LTCG.

The tax is to be calculated and paid with Interest from the year in which the transfer took place.


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