Exemption u/s 54 EC

[Haresh Raithatha]

Dear colleague

One of My client sold his flat on 28-09-2015. Capital gain arise in the sale is Rs 30 las. He has made up his my mind to purchase a new House property.With such vision he has opened a capital gain account in SBI without waiting up to due date of filing the Return of Income and deposited the Capital Gain amount in the same.

Now he has drop the idea to purchase the house property and want to Invest in Capital Bond OF REC or NHAI...The time limit for investing in Capital Gain Bond is to reckon from the Which date?

Now what to do and How to close the Capital Gain Account Opened in Bank without loosing the Benefit of

Exemption by investing in Capital Gain Bond afterwards...Is there any citation or relevant Notificatio/Circulars

Pl Guide

Regards

[Ganeshan Kalyani]

Considering the amount involved I would advise to appoint a consultant for this issue. Thanks.

AI Summary

Exemption under section 54EC: timing for bond investment and closing a capital gains account can affect eligibility. A taxpayer deposited capital gains from a property sale into a bank capital gains account before filing returns, then reversed plans to buy replacement property and intends to invest in specified capital gain bonds; key questions concern the starting point for the permitted investment period and how to close or discharge the capital gains account without losing the exemption, and the forum reply merely recommended consulting a specialist without providing statutory citations or procedural guidance.