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of <h1>Section 54EC: Exemption Withdrawn if Bonds Transferred or Cashed Within 5 Years, Taxed as Long-Term Gains</h1> The exemption under section 54EC can be withdrawn if bonds are transferred or converted into cash within five years of acquisition. If bonds are transferred within this period, the amount of capital gains previously exempted will be taxed as long-term capital gains in the year of transfer. Similarly, if bonds are converted into cash within five years, the exempted capital gains will also be taxed as long-term capital gains in the year of conversion. In both scenarios, the initial exemption for the transfer of the original long-term capital asset is forfeited.
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