Agriculture

Querist : Anonymous (Querist) 16 January 2012 This query is : Resolved
Sir/mam, There was a sale of afgricultural land taxable under income tax act 1961, in the FY2009-10 AY 10-11 and it was in the name of ma Granny (80yrs). V had invested all the sale consideration in 54EC-REC BONDS whic is notified under sec54EC of income tax act.Such bonds wer in the name of Ma Granny , ma mom and dad and it was properly invested within 6months form date of transfer. Ma queryy is She died in the yr2011 sowe havent filed the return as nothin is taxable but now do v need to remove ma grannys name from the bonds? Is der any implication on exemption unders sec54ec due to her death? Pls reply as m in trouble?

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Deepak Nair (Expert) 16 January 2012
Sorry. I cannot answer as this is a new thing for me.
Let us wait and see what the experts wants to say.

Querist : Anonymous (Querist) 16 January 2012
ok deepak sir .. PLease experts reply soon..

A V Vishal (Expert) 17 January 2012
Firstly it is mandatory to file ROI even if you have exempt income. Declare the income and only then your claim will be considered. Secondly there are many ways to change the name in the bonds, advise can be given only in case you furnish complete details.

Querist : Anonymous (Querist) 17 January 2012
thank vishal sir..

prabhakar singh (Expert) 17 January 2012
You are adequately guided by Mr.Vishal.

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