Exemption Under Section 54EC of Income Tax Act, 1961- Amendment, Articles, News Notifications, Judgments and Detailed Analysis at one place
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Income Tax : In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in r...
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 : Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication...
Income Tax : Karnataka High Court grants capital gains tax exemption under Section 54EC despite delayed investment in bonds, overturning CBDTâ€...
Income Tax : The petitioner sold his residential property and based on an advise invested the sale proceed in the bonds issued by the Responden...
Income Tax : ITAT Ahmedabad held that benefit of deduction under section 54EC of the Income Tax Act allowed since nexus between advance receive...
Income Tax : ITAT Mumbai held that assessee is not entitled for concession rate of tax of 20% provided under section 112(1) of the Income Tax A...
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...
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 […]
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 […]
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 […]
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 this as a one-time exemption up to Rs 50 lakh only. Such an interpretation will prevent anyone taking advantage of a property sale, for example, in January 2008, facilitating an immediate Rs 50 lakh investment in January 2008 in specified assets, and another Rs 50 lakh investment before the expiry of six months after sale in specified assets.
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).
Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain.
Buying a house is a dream for each one of us. There are various tax incentives offered by government towards stimulating individuals to buy house property under ‘Housing for All’ Mission. However it is of vital importance to keep an eye on calendar to time it well when we want to sell house property since […]
As we all are aware that whenever the topic of exemption against capital gains initiated, Section 54EC is one of the confusing section amongst other exemptions. This is main reason why today I will try to discussed it in details for better understanding:
This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]
Profit on transfer of a capital asset is chargeable under the head Capital Gains. Section 45 makes the gains arising out of the transfer of a capital asset chargeable to tax under the provisions of the Income Tax Act, 1961. However, the chargeability has been subjected to the provisions of sections 54, 54B, 54D, 54E, […]
