Monday, January 25, 2021

Amendment to sec. 54EC restricting investment in new assets to Rs. 50 lakhs is prospective in nature

INCOME TAX : Amendment to section 54EC brought with effect from 1-4-2015 restricting investment in assets from sale consideration on sale of original asset to Rs. 50 lakhs is prospective in nature, thus; prior to assessment year 2015-16, it was possible for assessee to claim deduction of Rs. 1 crore by investing Rs. 50 lakhs in each of financial years but within six months from date of transfer

from www.taxmann.com Latest Case Laws https://ift.tt/3iJshc4
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