Section 54EC - Investment in Certain Bonds

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... assess should invest the whole or any part of the capital gain in long term in "Long term Capital Assets" with in 6 month from the date of transfer of the asset. * " Long term specified assets" Bonds redeemable after 5 years issued by, * a) National Highway Authority of India (NHAI); or * b) Rural Electrification Corporation Ltd (RECL); or * c) Power Finance Corporatio .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Where the cost of the long-term specified asset has been taken into account for the purposes of section 54EC a deduction from the income with reference to such cost shall not be allowed under section 80C for any assessment year beginning on or after the 1st day of April, 2006. * The investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of on .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ction 54EC(1) shall be deemed to be the income chargeable under the head "Capital gains" relating to long-term capital asset of the previous year in which the long-term specified asset is transferred or converted (otherwise than by transfer) into money. * In case of conversion of capital assets into stock in trade and subsequent sale of stock in trade - Period of 6 month to be reckoned .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X