WITHDRAWAL FROM CGAS TO INVEST IN BONDS OF RECL TO AVAIL BENFITS UNDER SEC 54EC

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  1. ANIMESH NANDY

    ANIMESH NANDY New Member

    Hello All,

    I want to know that can I transfer the amount from Capital Gain Deposit Account Scheme to purchase bonds of RECL to avail benefits under sec.54EC if I have received the amount from sale of such Residential property in March 2017. Since it is below six months from the date of sale of such property, I have opened an account under CGAS and decided to invest in RECL bonds.
    Kindly help me with suggestive answers and let me know any case study related to such.
     
  2. V K Khanna

    V K Khanna Active Member

    Sec 54EC provides that the capital gain bonds must be purchased within a period of six months from the date of sale of a residential property. You have time till September, 2017 to purchase the bonds.

    2. There is no embargo to withdraw the amount from the capital gain deposit account scheme and invest in the bonds. You had time for opening of CG deposit Account in the bank till the filing of the return. There was no need to rush for opening of CG deposit account immediately after the sale of the property.
     
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