Section 54EC time limit
Kumaran Durairaj (15 Points)
24 June 2021and also is it possible to apply online?
Thanks
Kumaran Durairaj (15 Points)
24 June 2021
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 24 June 2021
Section 54EC states that if the profit made on sale of a long-term capital asset – whether an immovable property or shares and stocks – is invested by the taxpayer in 'long-term specified assets' within 6 months of the sale, then the capital gains are exempt from taxation.
“Long-term specified asset” for making any investment u/s 54EC means any bond redeemable after five years and issued by National Highways Authority of India (NHAI) or by Rural Electrification Corporation Limited or any other bond notified by central government.
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 25 June 2021
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