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Case Law Details

Case Name : Shri Mahesh NemichandraGaneshwade Vs Income Tax Officer, Pune (ITAT Pune)
Related Assessment Year :
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Requirement of section 54EC to the effect that investment in specified assets is to be made within a period of six months from the date of transfer, was put to some clarification by the CBDT in Circular No 791 (supra). The question arose before the CBDT regarding exemption of a long term capital asset which had arisen on conversion of a capital asset into stock-in-trade.

Such capital gain would arise in the year of conversion, so however, in terms of section 45(2) of the Act, its taxability is postponed to the year in which su

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0 Comments

  1. vijay says:

    Silver Lining u/s 54 EC……
    Please do note that the Exemption u/s 54EC can be extended to 100 Lakhs. Because as per language of law it requires to make an investment within the period of 6 months form the transfer and the said investment can not exceeds the 50 Lakh during on Financial year.

    From the above one can take advantage exemption benefit of 100 Lakh by selling assets after the October month and make suitable investment in two diff. F.Y. i.e.50 – 50 lakh and take double advantage legitimately.
    -Vijay Sawant

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