section 54EC

Section 54EC Exemption available on investment in certain specified bonds

Income Tax - Provisions of section 54EC provide exemption towards long term capital gain arisen on the transfer of land or building or both when the amount is invested into the specified bonds. The present article briefly explains the provisions of section 54EC of the Income Tax Act. Understanding basic provisions of section 54EC of the Income Tax [&h...

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Analysis of Section 54, 54EC and 54F- Exemption from Long Term Capital Gains

Income Tax - The persons having long-term capital gain can avail exemption under various sections by making prescribed investments. The long-term capital gains are usually taxed @ 20%. This tax can be saved by making investments as per section 54, 54EC and 54F. Section 54: Profit on sale of property used for residence: Capital gain arising on transfe...

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Specified bond for Section 54EC of Income Tax Act – 1961

Income Tax - Specified bond for Section 54EC of Income Tax Act – 1961 The benefit under section 54EC can be availed only if there is an income from a capital asset, being long-term in nature. Long-term capital gains are the profit that a person makes when he sale any capital asset (w.e.f A.Y 2019-20, the said long term capital asset shall [&...

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Income Tax benefits of buying property jointly

Income Tax - Buying a house is a dream for millions of people in India. The government has provided various tax benefits to individuals to encourage them to buy a house property under the ‘housing for all’ initiative. One of the important things to note is that if the property is held jointly, individuals can receive additional tax [&helli...

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Section 54EC Deduction on Capital Gain Under Income Tax Act

Income Tax - Where the capital gain arises from transfer of long-term capital asset being land or building or both, and the assessee has, at any time within a period of six months after the date of such transfer invested the whole or any part of capital gains, in the 'long-term specified assets', then the capital gain shall be dealt with in accordance...

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Raise Section 54EC Capital gains exemption limit to Rs. 1 Crore: ICAI

Income Tax - In furtherance of the existing proviso to section 54EC, a new proviso has been inserted to clarify that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets,...

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ICAI suggests Certification of deductions claimed U/s. 54, 54F, 54EC etc

Income Tax - At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out....

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Reduction in Coupon Rate on 54EC Bonds from 6% P.A. to 5.25% P.A.

Income Tax - Application Money to be credited in NHAI’s Collection Accounts on or after 1st December 2016 will be 5.2 5% P.A. till maturity of bonds...

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Capital gains exempt u/s 54EC could be reckoned for book profit u/s 115JA

Fibroflex (India) Pvt. Ltd. Vs DCIT (ITAT Chennai) - In the given case the issue under consideration is that whether capital gains, which were exempt under section 54EC could be reckoned for purpose of computing book profit under section 115JA...

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Section 54F | Booking of bare shell of a flat | Construction or Purchase

ACIT Vs. Akshya Sobti (ITAT Delhi) - Booking of bare shell of a flat was a case of construction of house property and not purchase, and since construction had been completed within three years of sale of original asset, assessee was duly entitled to deduction under section 54....

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Section 54EC Deduction cannot be disallowed for Investment not made with in prescribed time due to non-availability of REC Bonds

Heatex Products P. Ltd. Vs DCIT (ITAT Mumbai) - The claim of deduction under section 54EC could not be disallowed since assessee has demonstrated that non–investment in REC Bonds within the stipulated period was due to non–availability of bonds in the market....

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Section 54EC deduction for Amount not invested in REC Bonds within prescribed time due to Delay in receipt of sale consideration amount

Pr. CIT Vs Shri Mahipinder Singh Sandhu (Punjab and Haryana HC) - Where assessee had deposited sale consideration amount in the Escrow Account as a security in respect of future liabilities of the company/ transferor, the year of taxability, irrespective of the delay in making investment in REC Bonds on account of uncertainty involved for receiving the amount, the...

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Exemption u/s 54EC allowable to legal owner of property as per registered sale deed

Shri Raghuram P Nambyar Vs ACIT (ITAT Bangalore) - Assessee-wife was not entitled to claim and be allowed exemption under Section 54 and 54 EC on the basis that both assessee’s being husband and wife had suo motu offered rental income equally in their returns of income and their intentions were that said property was a joint property and both of ...

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No TDS on interest on IRFCL 54EC Capital Gains Bond

Notification No. 28/2018-Income Tax [S.O. 2939(E)] - (18/06/2018) - Central Government notifies Indian Railway Finance Corporation Limited 54EC Capital Gains Bond issued by Indian Railway Finance Corporation Limited (IRFCL) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Ac...

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No TDS on PFC Section 54EC Capital Gains Bond

Notification No. 27/2018-Income Tax [S.O. 2938(E) - (18/06/2018) - Central Government notifies Power Finance Corporation Limited 54EC Capital Gains Bond issued by Power Finance Corporation Limited (PFC Limited) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Act, 1961. MIN...

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Bonds issued by PFC Ltd eligible for Section 54EC Exemption

Notification No. 47/2017-Income Tax [S.O. 1818(E)] - (08/06/2017) - Section 54EC- Govt Notifies that any bond redeemable after three years and issued on or after 15th June, 2017 by Power Finance Corporation PFC) Limited...

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Recent Posts in "section 54EC"

Section 54EC Exemption available on investment in certain specified bonds

Provisions of section 54EC provide exemption towards long term capital gain arisen on the transfer of land or building or both when the amount is invested into the specified bonds. The present article briefly explains the provisions of section 54EC of the Income Tax Act. Understanding basic provisions of section 54EC of the Income Tax [&h...

Read More
Posted Under: Income Tax |

Capital gains exempt u/s 54EC could be reckoned for book profit u/s 115JA

Fibroflex (India) Pvt. Ltd. Vs DCIT (ITAT Chennai)

In the given case the issue under consideration is that whether capital gains, which were exempt under section 54EC could be reckoned for purpose of computing book profit under section 115JA...

Read More

Section 54F | Booking of bare shell of a flat | Construction or Purchase

ACIT Vs. Akshya Sobti (ITAT Delhi)

Booking of bare shell of a flat was a case of construction of house property and not purchase, and since construction had been completed within three years of sale of original asset, assessee was duly entitled to deduction under section 54....

Read More

Analysis of Section 54, 54EC and 54F- Exemption from Long Term Capital Gains

The persons having long-term capital gain can avail exemption under various sections by making prescribed investments. The long-term capital gains are usually taxed @ 20%. This tax can be saved by making investments as per section 54, 54EC and 54F. Section 54: Profit on sale of property used for residence: Capital gain arising on transfe...

Read More
Posted Under: Income Tax |

Specified bond for Section 54EC of Income Tax Act – 1961

Specified bond for Section 54EC of Income Tax Act – 1961 The benefit under section 54EC can be availed only if there is an income from a capital asset, being long-term in nature. Long-term capital gains are the profit that a person makes when he sale any capital asset (w.e.f A.Y 2019-20, the said long term capital asset shall [&...

Read More
Posted Under: Income Tax |

Section 54EC Deduction cannot be disallowed for Investment not made with in prescribed time due to non-availability of REC Bonds

Heatex Products P. Ltd. Vs DCIT (ITAT Mumbai)

The claim of deduction under section 54EC could not be disallowed since assessee has demonstrated that non–investment in REC Bonds within the stipulated period was due to non–availability of bonds in the market....

Read More

Section 54EC deduction for Amount not invested in REC Bonds within prescribed time due to Delay in receipt of sale consideration amount

Pr. CIT Vs Shri Mahipinder Singh Sandhu (Punjab and Haryana HC)

Where assessee had deposited sale consideration amount in the Escrow Account as a security in respect of future liabilities of the company/ transferor, the year of taxability, irrespective of the delay in making investment in REC Bonds on account of uncertainty involved for receiving the amount, the year of taxability was year of receipt ...

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Exemption u/s 54EC allowable to legal owner of property as per registered sale deed

Shri Raghuram P Nambyar Vs ACIT (ITAT Bangalore)

Assessee-wife was not entitled to claim and be allowed exemption under Section 54 and 54 EC on the basis that both assessee’s being husband and wife had suo motu offered rental income equally in their returns of income and their intentions were that said property was a joint property and both of them having equal share therein because ...

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Section 54EC Count Six month from additional stamp duty payment date: ITAT

Shri Anil Kumar Dulichand Vs ACIT-17 (ITAT Mumbai)

Date of transfer of property to compute the six-months period for the purpose of claiming deduction under section 54EC could not be taken from the date when the purchase agreement was registered because the transfer would complete after additional stamp duty to complete the process of registration was paid by assessee....

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Income Tax benefits of buying property jointly

Buying a house is a dream for millions of people in India. The government has provided various tax benefits to individuals to encourage them to buy a house property under the ‘housing for all’ initiative. One of the important things to note is that if the property is held jointly, individuals can receive additional tax [&helli...

Read More
Posted Under: Income Tax |

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