Capital Gain

Querist : Anonymous (Querist) 01 September 2010 This query is : Resolved
Can Section 54 and 54EC claimed togather?

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Sugata Shankar Roy (Expert) 01 September 2010
Yes Section 54 and Section 54EC can be claimed together. However the conditions in both the sections should be satisfied.

Querist : Anonymous (Querist) 01 September 2010
The conditions to both the sections are satisfied. Can you give the reference in the Act?

s.subramanian (Expert) 01 September 2010
Yes. I concur with sugata.

B.R. BHALLA, ADVOCATE (Expert) 01 September 2010
The condition for quantum of deduction u/s 54 of the IT Act is that if the amount of capital gain is equal to or less than the cost of new house, the entire capital gain shall be exempt, but if the amount of capital gain is greater than the cost of new house, then the cost of new house shall be allowed as an exemption.

Now if your case is falling in the second part, you can move to section 54EC,under which the maximum investment permissible is Rs.50.00 lacs after 1.4.2007 for the remaining amount of LTCG worked as per the Act

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