The Hindu : Business : Bonds for investments u/s 54EC

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Monday, Jun 02, 2008
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Bonds for investments u/s 54EC

Sec. 54EC allows abatement of capital gains tax on specified bonds but no such bonds are available. We have some clients with capital gains, who are required to make investments within six months shortly falling due. For some others, the due date fell after March 31, 2008, with time limit already expired. Is there any chance of the time limit being extended as and when new bonds are issued?

Bonds issued by National Highways Authority of India are available for exemption under Sec. 54EC from May 26, 2008.

Those for whom the time limit of six months had not expired can avail themselves of the same. As for those for whom time limit had already expired before this date, but after March 31, with no bonds available between April 1 and till the date of expiry of time limit, one is reminded of an earlier notification allowing extended time limit on such contingency. If such extension is granted by any notification, it can be availed within such extended time and not otherwise.

S. RAJARATNAM

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