Answers On Topic: Section 54EC deduction
Assessee has agreed to sell a flat and made agreement with buyer, possession of flat is also given within time but consideration of flat is not received from buyer . Now question is they want to claim exemption by investing in 54EC Bond but the Sale consideration is not yet received. Stipulated time of investing in 54EC is over and still consideration is not received, is any case law to prove that transfer is still not completed as consideration is not received.
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An assessee has earned long term capital gain on sale of his share of flat after determining the indexed cost. He wishes to obtain exemption for the gain by investing in bonds u/s.54EC. He also has brought forward long term capital loss which he would to set off against future gains on sale of shares. Whether the long term capital gain on sale of flat has to be determined by first deducting the brought forward loss and he can avail the benefit of Section 54EC only in respect of the balance income?
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Source of Fund for investing in Sec 54EC