Section 54EB of ITA, 1961 : Section 54Eb: Capital Gain On Transfer Of Long-Term Capital Assets Not To Be Charged In Certain Cases
ITA, 1961
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Explanation using Example
Let's say Mr. Sharma sold a piece of land that he had held for more than 3 years, which qualifies as a long-term capital asset, on June 1, 1999, for a profit (capital gain) of ₹10,00,000. To save on capital gains tax, he decides to invest ₹8,00,000 out of his capital gain into bonds issued by the National Highway Authority of India (NHAI), which are notified by the Board as long-term specified assets for the purpose of Section 54EB.
According to Section 54EB:
- (a) If Mr. Sharma had invested the entire capital gain of ₹10,00,000 into the specified bonds, then the...
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