Query
Rudransh
(Querist) 26 April 2013
This query is : Resolved
My father had sold a house property on 5th November, 2012 and the transaction had generated certain capital gain. Subsequently we invested in a commercial project but after that investment we were left with an amount which is still not invested anywhere. NHAI or REC bonds are an option.
My queries are as follows
1. As it is compulsory to purchase these bonds within 6 months from the transaction date, suppose we apply in the month of April and somehow we are not allotted the bonds on 30th April. Still we will be granted exemption u/s 54EC?
Raj Kumar Makkad
(Expert) 27 April 2013
The application is required to be made within the stipulated period may it not be allotted due to lapse og State agencies.
prabhakar singh
(Expert) 27 April 2013
Vide a case law celloplast vs. DCIT (2010)TIOL 60 ITAT (Mumbai)as the assessee could not invest in bonds due to non availability bonds and invested soon they were available ,it was held assessee was entitled to exemption.
Then ratio is bona fide keenness to invest then delay beyond control of assessee would get exempted.
Devajyoti Barman
(Expert) 27 April 2013
It appears Singhji has attained good knowledge in tax matters.
