A person has a long-term capital gain from the sale of long-Term Capital Asset for ₹ 80 Lakhs during the financial year 2023-24. He would like to invest all the full amount in the bonds redeemable after three years issue
CS Executive · Tax Laws · PYQS · June 2024
A person has a long-term capital gain from the sale of long-Term Capital Asset for ₹ 80 Lakhs during the financial year 2023-24. He would like to invest all the full amount in the bonds redeemable after three years issued by NHAI under Section 54EC of the Income Tax Act, 1961. The Amount of capital Gain Exempted under Section 54EC will be :
Answer & Explanation:
The official key records '*'. This question is excluded from automatic grading because the source does not supply an unambiguous valid choice. Official source note: None of the given options are correct. Since, in the question, the bonds are redeemable after 3 years period and not after 5 years period. Therefore. Not eligible for deduction under section 54EC.
Topics: Income Tax
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