Question ID : 2667

INVESTMENT U/S 54EC IN CAPITAL GAIN BONDS- TIME LIMIT

Assessee has time limit of 6 months to v 54EC bonds to aviod capital ga tax. this connection non of the bonds are open for subscription on tap from 01-04-2006 due to budget proposal and change rate of ter (w.e.f. 01,04,06 only two agencies are authorised to collect the bondds REC, NHAI). There is no dication of proposed date for openg of new bonds for subscription from these agencies. What are the consequences for the assessee if the bonds are not avaible for subscription before due date (6 months from the date of sale) for no fault of the assesse. Is there any provisions under IT act for extension of time for the same . If so where and how to approach the dept. '

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