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The exemption under Section 54EC can be claimed by any taxpayer, including individuals, Hindu Undivided Families (HUFs), companies, LLPs, firms, and others. The asset being sold should be a Long Term Capital Asset, which includes land or building or both.
Apr 25, 2024 · Explore Section 54EC and how it offers deductions on Long-Term Capital Gains (LTCG) through Capital Gain Bonds. Learn how to save on taxes while investing in these bonds for a secure financial future.
Oct 10, 2020 · 1. All categories of persons are eligible to avail exemption benefit under section 54EC of the Income Tax Act. 2. 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). 3.
Feb 25, 2019 · If I invest Rs. 12,00,000/- out of capital gains u/s 54EC by purchsing specified bonds, in that case whether Itax will be deducted on the balance capital gains of Rs 3,00,000/- @ 20% or at the rate I falls under the regular rate under Itax act.
Apr 3, 2024 · Sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA offer various benefits to individuals and entities. This article delves into the specifics of each section, including eligible assets, time limits for acquisition, exemption amounts, lock-in periods, and applicable deposit schemes.
Taxpayers or assessees who acquire capital gains can avail of tax deductions under Section 54EC of the Income Tax Act 1961. This section allows taxpayers to save on tax on any capital gains or profits that they might accrue following the transfer of one or more long-term or original capital assets. Check Your Credit Score for FREE.
Jun 18, 2024 · These bonds are named after Section 54EC of the Income Tax Act, 1961, it allows investors to save tax on long term capital gains, which comes from the sale and transfer of immovable assets like land and building, by investing the gains in these bonds. Key Features of 54EC Bonds.
The tax deduction that you can claim under Section 54EC depends on the amount of capital gains that you invested in the long-term specified asset. Here are some illustrations that can help you understand the deductions better: 1. Illustration for Full Investment.
Feb 27, 2024 · Section 54EC is a capital gain exemption under the Income Tax Act to the taxpayer who is selling their long-term capital asset like land, building, or both. They can invest the capital gain amount into the specific bonds issued by the Govt. of India and can save the tax. The bonds specified by the Govt. of India are:
Oct 16, 2023 · A deduction of up to Rs. 50 lakhs is permissible under Section 54EC of the Income Tax Act, 1961. Both individuals and Hindu Undivided Families (HUFs) can seek this deduction, specifically on long-term capital gains emerging from the transfer of assets, barring residential property.
