5. Is there any time limit for such investments to be made?

  • January 3, 2018
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  • Om Vyas

Under the provisions of Section 54 of the Act, the assessee should, within a period of one year before or 2 years after the date on which the transfer took place, have purchased or within a period of 3 years, after the date of transfer, constructed a residential house. Under the provisions of Section 54EC […]

4. What is the nature of assets in which the sale proceeds should be re-invested by the assessee to avail the exemption?

  • January 3, 2018
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  • Om Vyas

Under the provisions of Section 54 of the Act, the capital gains should be re-invested in the construction or purchase of another residential property. Under the provisions of Section 54EC of the Act, the capital gains should be re-invested in ‘long-term specified asset’. For the purpose of this provision, long-term specified asset means any bond […]

2. Who is entitled to such concessions?

  • January 3, 2018
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  • Om Vyas

The exemption under Section 54 of the Act is available to an assessee who is either an individual or a Hindu Undivided Family (HUF). The exemption under Section 54EC is available to any assessee.

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