kunalturakhia@hotmail.com (kunalturakhia@hotmail.com) (55 Points)
01 August 2013Respected 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.
Abhisek Rungta
(PRACTISING CHARTERED ACCOUNTANT)
(234 Points)
Replied 01 August 2013
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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