Read all Latest Updates on and about section 54EC of the Income Tax Act

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Tax Implications on Physical Gold and Digital Gold in India

Kavi Priya

Gold remains a favored investment in India for its security and potential for value appreciation. However, the tax treatment of physical gold ...

HUDCO Bonds Now Eligible for Capital Gains Tax Exemption u/s 54EC: CBDT [Read Notification]

Proposed Addition made u/s 50C Income Tax Act in respect of LTCG can be processed only u/s 143(3) of...

SEBI inserts new 62A Provision in SEBI (Listing Obligations and Disclosure Requirements)...

Sanction by PCIT for Re-Assessment u/s 147 was Mechanical Approval without Application of Mind: ITAT...

Sale of Client Relationship and Goodwill by CA Firm constitute ‘Capital Gain’: ITAT [Read Order]

While granting the deduction claim under Section 54EC of the Income Tax Act to a Chartered Accountants Firm, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the sale of...

ITAT allows Claim of Capital Gain Exemption for Investing in RECL Bonds of Rs.50,00,000/- each in 2 Financial Years [Read Order]

A division bench of the Mumbai ITAT, on Monday, allowed a claim under section 54EC of the Income Tax Act, 1961 for making investment in RECL Bonds of Rs.50,00,000/- each in 2 financial years. Coming...

Govt Exempts Bonds of Indian Railway Finance Corporation from Income Tax [Read Notification]

The Central Board of Direct Taxes (CBDT) today notified that Bonds of Indian Railway Finance Corporation will be exempted from Income Tax under section 54EC of the Income Tax Act, 1961. The...

Deduction u/s. 54EC must be Allowed on the basis of Actual Consideration, S. 50C has No Application: ITAT Kolkata

In a recent ruling, the ITAT, Kolkata held that deduction under section 54EC of the Income Tax Act must be allowed on the basis of actual sale consideration received by the assessee. The bench...

Bonds issued by ‘Power Finance Corporation Ltd’ are eligible for Capital Gain Exemption: CBDT [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified that the Capital Gain exemption under section 54EC of the Income Tax Act is applicable to bonds issued by Power Finance Corporation Ltd also. ...

ITAT Mumbai takes a Liberal Approach, allows Deduction for Investment in NHAI/REC Bonds made within 6 months from the receipt of Sale Consideration

The division bench of the Mumbai Income Tax Appellate Tribunal (ITAT), in Lemes E. D’ Souza v. ITO, held that benefit of Investing in NHAI/REC Bonds under section 54EC of the Income Tax cannot be...

Advance Received on Investment in Specified Bonds are Eligible for Income Tax Exemption: Bombay HC [Read Order]

The division bench of the Bombay High Court in the case CIT v. Subhash Vinayak Supnekar held that the assessee, who had received advance amount on investment in specified bonds are eligible for the...