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S. 54EC investment time limit begins from date of receipt of consideration
Case Law Details
- Case Name
- Chanchal Kumar Sircar Vs. ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005- 06
- Courts
- All ITAT, ITAT Kolkata
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S. 54EC benefit on investment after 6 month from transfer but within from payment receipt
Chanchal Kumar Sircar Vs. ITO (ITAT Kolkata)
The assessee has deposited the sale consideration within one month of receipt with NABARD for availing exemption u/s. 54EC of the Act. In such circumstances whether the assessee is eligible for claim of exemption or not ? In our view, in this type of case, the period of six months for making deposit u/s. 54EC of the Act should be reckoned from the dates of actual receipt of the consideration, because in the present case the assessee has received part payment as...
My capital during the year 2008 – 2009 duly deposited with Capital Gain Account with a nationalised bank, and the same was invested in a residential property in the year 2010 – 2011 as part of the total cost on the anticipated date of possession promised by the Builder by July/Aug. 2011. But due to certain legal dispute between the builder and the prospective flat owners, the project was got delayed, and now possession certificate is obtained by the Promoter and handing over the respective flat will take place only the year 2012 – 13. Due to the delay in getting possession, whether the capital gain of 2008 – 2009 is subjected to Tax. Please educate me with your valuable opinion, and if there is any judgement on this type of issue.