Exemption Under Section 54EC of Income Tax Act, 1961- Amendment, Articles, News Notifications, Judgments and Detailed Analysis at one place
Income Tax : Explore exemptions under capital gain with sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA. Eligibility, assets, limits, and lock-...
Income Tax : Explore Section 54EC under Income Tax Act, allowing exemption from long-term capital gains when investing in specified bonds. Cond...
Income Tax : Explore capital gains tax exemptions under Income-tax Act sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA, and 54GB. Learn rules...
Income Tax : Understand the income tax provisions on the taxability of capital gains from the sale of land. Explore the types of capital gains,...
Income Tax : Understand Income Tax for Non-Resident Indians selling property in India. Learn about Capital Gains Tax, TDS, and Tax Deductions. ...
Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...
Corporate Law : It has been decided to close the 54 EC capital gain bond issue 2022-23 of NHAI with Immediate effect. Accordingly, please ensure t...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
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,...
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 ...
Income Tax : ITAT found that the original Form 35A was filed within the stipulated time and ruled that the correction made thereafter should no...
Income Tax : ITAT Mumbai held that the date of the agreement by no stretch of imagination could be the date of sale of the shares by the assess...
Income Tax : Explore how DCIT vs. Claris Lifesciences Limited case sets precedent for setting off deemed short-term capital gain on sale of dep...
Income Tax : ITAT Hyderabad held that as the parties have entered into registered Joint Development Agreement (JDA) on 04.04.2007 and the "Grou...
Income Tax : ITAT Mumbai held that investment in NABARD Bonds beyond the specified time of six months cannot be considered for claiming exempti...
Income Tax : For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 m...
Income Tax : The Government of India in IEBR for FY 2022-23 have not mandated NHAI to raise funds from the market. Therefore. NHAI shall not is...
Income Tax : Central Government notifies Indian Railway Finance Corporation Limited 54EC Capital Gains Bond issued by Indian Railway Finance Co...
Income Tax : Central Government notifies Power Finance Corporation Limited 54EC Capital Gains Bond issued by Power Finance Corporation Limited ...
Income Tax : In exercise of the powers conferred by clause (ba) of Explanation to section 54EC of the Income-tax Act, 1961 (43 of 1961), the Ce...
Whether the assessee firm can get the benefit of Sec. 54EC, even though an investment in respect of capital gain is made by the two partners individually in the notified securities e. bonds issued by the Rural Electrification Corporation Ltd. (RECL)?
Capital gains exemption on investment in Specified Bonds The existing provisions contained in sub-section (1) of section 54EC of the Act provide that where capital gain arises from the transfer of a long-term capital asset and the assessee has, within a period of six months, invested the whole or part of capital gains in the […]
Section 54- Investment in residential house Several disputes are in existence as to whether an assessee can buy more than one house under provisions of section 54 of the Income-tax Act, 1961. In the recent times High Courts and ITAT have taken a consistent view that in order to avail the exemption u/s 54 of […]
Certification of deductions claimed under section 54, 54F, 54EC etc a) 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. In order to reduce such possibility of furnishing of inaccurate particulars […]
Section 54EC-Capital gain not to be charged on investment in certain bonds Section 54EC provides that the capital gains arising from the transfer of a long term capital assets will be exempt, if the whole or part of the capital gain, is invested in the long term specified assets at any time within a period […]
Hon’ble Delhi HC has held in the case of ‘Bharti Gupta Ramola Vs. CIT’ that For computing holding period of asset both date on which asset is acquired & date on which said asset is sold or transferred are not to be excluded.
The difference arises on two counts. Firstly, the date from which the period of six months is to be reckoned. While the assessee contends it to be as 10.03.2008, i.e., the date of receipt of the consideration for transfer (of the long term capital asset)
Whether for the purpose of Section 54EC of IT Act, 1961, the period of investment of six months should be reckoned after the date of transfer or from the end of the month in which transfer of capital asset took place?
Sec.50 is only to deal capital gain as short term capital gain and not to deem the asset as short term capital asset. Therefore, it cannot be said that Sec. 50 converts long term capital asset into a short term capital asset
Assessee can claim exemption under section 54EC on transfer of depreciable assets held for more than thirty-six months by investing in bonds notified for the purpose of Section 54EC. Further the assessee can claim exemption upto Rs. 1,00,00,000/- by investing the gain in the bonds notified under section 54EC if he invests Rs. 50,00,000/- each in two separate financial years but within six months from the date of transfer.
