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INSERTION OF NEW SECTION 54EE

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  • INSERTION OF NEW SECTION 54EE
APPLICABILITY OF MAT ON FOREIGN COMPANIES FOR THE PERIOD PRIOR TO 01.04.2015
April 30, 2016
AMENDMENT OF SECTION 54GB
April 30, 2016
INSERTION OF NEW SECTION 54EE
April 30, 2016
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  • India Budget Series
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In order to promote the Start-up India Action Plan with the intention to raise Rs.10,000 crores, in a span of 4 years, in order to finance start-ups through a specified Fund, the department has introduced a new Section on the same lines of Section 54EC. The provisions of the new Section are as follows:-

-Long term capital gains on any assets shall be exempt if proceeds are invested in units of specified Fund

-Investment shall be made within 6 months from date of transfer

-Lock-in period of investment shall be 3 years; however, if the amount is withdrawn before the expiry of 3 years, exemption erstwhile provided shall be revoked.

-Further, even if loan or advance is taken against the security of this investment, it shall be deemed that the said investments are transferred

-Maximum limit of investment shall be Rs.50 lakhs

The provisions are exactly similar to Sec 54EC except that the instrument for investment is different.

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