. . 54EC – Tax Questions and Answers

Section: 54EC

  • Under Which PAN An Executor Has To File ROI?

    Section 168 of the Act applies to executors as well as to administrators or other person administrating the estate of a deceased person. Sections 159 and 168 of the Act deal with assessments on legal representatives. Section 159 of the Act is meant to enable the revenue to make an assessment on legal representation in respect of the income which accrued to or was received by the deceased,

  • Whether Benefit Of Section 54EC Is Qua Asset Or Qua Financial Year?

    (a) No, section applies to assets sold during the year and not the qua asset. (b) The exemption should be claimed in the year in which long-term gain arises and invested in long-term specified assets within six months from the date of transfer.

  • Whether Benefit Of Section 54EC Is Available Financial Year Wise?

    Yes, In ITO v. Ms. Rania Faleiro [142 ITD 769] the Panji Tribunal has held as un-der: “The plain reading of section 54EC(1) as well as the proviso thereto clearly sug-gests that the limit of Rs. 50 lakhs as given under the proviso is as per person per financial year. There is no ambiguity in the interpretation, Had there been an intention of the legislature to restrict the exemption of Rs. 50 lakhs, the legislature would have provided the embargo in this regard

  • What Is Time Limit For Investing In Bonds?

    The exemption up to Rs. 50/- lakhs would be available under section 54EC, if the capital gains arises from the transfer of a long term capital asset, (being the original asset) and the assessee has, at any time within a period of