|QUERY:||Investments made u/s. 54EC beyond time limit u/s. 139(1) i.e. before expiry of 139(4) time limit is eligible for exemption?|
|ANSWER:||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 six months after the date of such transfer, invested in the long term specified asset.
So, no exemption is available, if the amount is not invested within a period of six months after the date of transfer of the original asset, whether it is u/s. 139(1) or u/s. 139(4).
|EXPERT:||CA. H. N. Motiwalla|
|SECTION(S):||139(1), 139(4), 54EC|
|CATCH WORDS:||capital gains, exemption, time limit|
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