section 54EC

Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

Income Tax - Article deals with Exemption from Long Term Capital Gain Tax under Section 54, 54EC, 54F of Income Tax Act, 1961. Article explains on Sale / Purchase of which Asset under which section exemption is eligible, condition for such exemption, Quantum of Deduction and Exceptions to Exemption under Section 54, 54EC, 54F of Income Tax Act, [&hell...

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Deduction under section 54EC on Capital Gain

Income Tax - 54EC bonds, or capital gain bonds, are the best way to save long-term capital gain tax. 54EC bonds are specifically meant for investors earning capital gain and would like tax exemption on these gains. The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on […]...

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Section 54EC – Exemption on Long Term Capital Gain

Income Tax - Sec-54 EC – Exemption on Long Term Capital Gain on investment of Specified Bond Provisions under section 54EC provide exemption capital gain arisen on transfer of Long Term Capital Assets (whether land or building or both) when the amount is invested in specified bonds. This article discusses provisions of Sec 54EC of the Income Tax...

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Long-term capital gains tax exemption on Investment U/s. 54EC

Income Tax - Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within six months after the sale of his property in long-term specified assets. The Finance Act 2007 limited such exemption to Rs 50 lakh in any financial year. Some overzealous tax assessing officers seem to interpret...

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Capital Gains Exemption – Section 54EC

Income Tax - All categories of persons are eligible to avail exemption benefit under section 54EC of the Income Tax Act. Section 54EC exemption is available only towards the capital gain arisen on account of transfer of long term capital asset (being land or building or both)....

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Representation to FM on Concerns of Chartered Accountants

Income Tax - We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....

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Request to extend time limits under section 54 to 54GB

Income Tax - KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act, 1961 (the Act). It is requested that various due dates for compliance and completion of specified actions under sections 54 to 54GB of the Act which falls between 20.03.2020 to 30.03.2021 (as against […...

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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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Reassessment Valid if AO had ‘reason to believe’ income chargeable to tax escaped assessment

Valmik Thapar Vs ACIT (ITAT Delhi) - While recording of the reasons to reopen an assessment, AO was required to form only prima Facie opinions about escapement of income as he was not making an assessment but taking a first baby step for making the assessment by forming a reasonable belief that whether the claim of assessee should be t...

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Section 54EC deduction eligible if Investment in Bonds within 6 months from Transfer

Sri Pradip Kumar Basu Vs ITO (ITAT Kolkata) - Sri Pradip Kumar Basu Vs ITO (ITAT Kolkata) It is observed that the long-term capital gain of Rs.6,14,674/- had arisen to the assessee as a result of residential property sold on 12.06.2013 and in order to claim exemption on account of long-term capital gain under section 54EC of the Act, the assess...

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Section 54EC – ITAT explains deduction of Rs. 50 Lakh & Rs. 1 Crore

Sri Arun Kumar B M Vs ITO (ITAT Bangalore) - Arun Kumar B M Vs ITO (ITAT Bangalore) The Assessing Officer held that the assessee is required to invest Rs.50 lakh in REC Bonds in any financial year. The Assessing Officer also relied on the amendments made to section 54EC of the I.T.Act vide Finance Act, 2014 w.e.f. 01.04.2015. Assessee has file...

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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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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 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

Article deals with Exemption from Long Term Capital Gain Tax under Section 54, 54EC, 54F of Income Tax Act, 1961. Article explains on Sale / Purchase of which Asset under which section exemption is eligible, condition for such exemption, Quantum of Deduction and Exceptions to Exemption under Section 54, 54EC, 54F of Income Tax Act, [&hell...

Read More
Posted Under: Income Tax |

Reassessment Valid if AO had ‘reason to believe’ income chargeable to tax escaped assessment

Valmik Thapar Vs ACIT (ITAT Delhi)

While recording of the reasons to reopen an assessment, AO was required to form only prima Facie opinions about escapement of income as he was not making an assessment but taking a first baby step for making the assessment by forming a reasonable belief that whether the claim of assessee should be tested in reassessment proceedings or not...

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Section 54EC deduction eligible if Investment in Bonds within 6 months from Transfer

Sri Pradip Kumar Basu Vs ITO (ITAT Kolkata)

Sri Pradip Kumar Basu Vs ITO (ITAT Kolkata) It is observed that the long-term capital gain of Rs.6,14,674/- had arisen to the assessee as a result of residential property sold on 12.06.2013 and in order to claim exemption on account of long-term capital gain under section 54EC of the Act, the assessee was required to […]...

Read More

Deduction under section 54EC on Capital Gain

54EC bonds, or capital gain bonds, are the best way to save long-term capital gain tax. 54EC bonds are specifically meant for investors earning capital gain and would like tax exemption on these gains. The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on […]...

Read More
Posted Under: Income Tax |

Representation to FM on Concerns of Chartered Accountants

We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....

Read More
Posted Under: Income Tax |

Request to extend time limits under section 54 to 54GB

KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act, 1961 (the Act). It is requested that various due dates for compliance and completion of specified actions under sections 54 to 54GB of the Act which falls between 20.03.2020 to 30.03.2021 (as against […...

Read More
Posted Under: Income Tax | ,

Section 54EC – ITAT explains deduction of Rs. 50 Lakh & Rs. 1 Crore

Sri Arun Kumar B M Vs ITO (ITAT Bangalore)

Arun Kumar B M Vs ITO (ITAT Bangalore) The Assessing Officer held that the assessee is required to invest Rs.50 lakh in REC Bonds in any financial year. The Assessing Officer also relied on the amendments made to section 54EC of the I.T.Act vide Finance Act, 2014 w.e.f. 01.04.2015. Assessee has filed this appeal before […]...

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Section 54EC – Exemption on Long Term Capital Gain

Sec-54 EC – Exemption on Long Term Capital Gain on investment of Specified Bond Provisions under section 54EC provide exemption capital gain arisen on transfer of Long Term Capital Assets (whether land or building or both) when the amount is invested in specified bonds. This article discusses provisions of Sec 54EC of the Income Tax...

Read More
Posted Under: Income Tax |

Long-term capital gains tax exemption on Investment U/s. 54EC

Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within six months after the sale of his property in long-term specified assets. The Finance Act 2007 limited such exemption to Rs 50 lakh in any financial year. Some overzealous tax assessing officers seem to interpret...

Read More
Posted Under: Income Tax |

Capital Gains Exemption – Section 54EC

All categories of persons are eligible to avail exemption benefit under section 54EC of the Income Tax Act. Section 54EC exemption is available only towards the capital gain arisen on account of transfer of long term capital asset (being land or building or both)....

Read More
Posted Under: Income Tax | ,

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