Section 54EA of ITA, 1961 : Section 54Ea: Capital Gain On Transfer Of Long-Term Capital Assets Not To Be Charged In The Case Of Investment In Specified Securities
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma sells a piece of land that he has owned for more than 3 years, which makes it a long-term capital asset. He sells it for a net consideration of Rs. 10 lakhs. This sale results in a capital gain of Rs. 4 lakhs. To save on capital gains tax, within six months of selling the land, he invests Rs. 10 lakhs in specified bonds issued by a public company, which are notified by the Board for this purpose.
According to Section 54EA of the Income-tax Act, 1961:
- Since Mr. Sharma invested the entire net consideration of Rs. 10 lakhs in the specified securities, which is not le...
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