Sorry!Capital Gains Account Scheme can't be used for purchasing Bonds.

Sorry!Capital Gains Account Scheme can't be used for purchasing Bonds.

Someone Asked on This Blog

What are bonds that are open right now for investment to save capital gains tax ? If there are no bonds issue this fiscal year, what do people who have transferred the asset-land in my case- in this year do ? Will they get extension of time ? Can the money be invested in a capital gains account of any bank till the time when such bonds issue opens ?

kuttimukund@......com

Right Now there are no bonds in the market , either by NHAI or RECL -the two bonds specified under Section 54EC .These were issued somewhere in July 06.

For people who have got capital gains on land this year, there are only two options left for them :

1. they can wait up to SIX months to see if any bonds are issued by these two institutions.