|
|
| *Ostroff, Fair and Company>>>India Taxes |
I wish to know latest provisions for section 54EC.? |
I wish to know latest provisions for section 54EC.? This is latest : As you know deduction under Section 5EC is given to an assessee from the long term capital gain if within 6 months you invest in Bonds redeemable after 3 years by following institutions 1.National Highways Authority of India 2.Rural Electrification Corporation Limited If the investment amount in aforesaid bonds have been considered for the purpose of deduction from LTCG, you can not take double benefit by including the invested amount under 80C for another deduction from Gross Total income. The Bill proposes to substitute the existing method of providing tax rebates under section 88 by providing an income-based deduction under section 80C of the Act. Consequently, sub-section (3) of sections 54EC and 54ED are being amended to provide that if cost of securities has been taken into account for the purpose of section 54EC or 54ED, then no deduction shall be allowed in respect of the same investments under section 80C. |
| Tags |
| United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes India Taxes Germany Taxes Canada Taxes Australia Taxes Small Business |
Finance Categories--Copyright/IP Policy--Contact Webmaster |