Exemption under Section 54EC can’t be claimed in 2 FYs for single property
Investment under Section 54EC in FY in which house is transferred and in the subsequent FY can't exceed 50 lakh
I sold an inherited property shared with my brother after three years of inheritance. The buyer plans to provide the cost in two years to us. While we will receive half of the money in the first financial year, the property registration will happen next year after the entire amount is received. Can my brother and I in this scenario apply for tax exemption by putting ₹ 50 lakh each under Section 54EC? As the amount will be provided to us in two financial years, can we take the benefit of Section 54EC exemption for two financial years for this single property?
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