What are the provisons of Section 54EA relating to investment in specified assets?
A. A long term asset when transferred by an assessee during the previous year results into receipt of consideration. Within six months from the date of transfer, the assessee should invest the whole or any part of the net consideration in specified bonds ,debentures, share of a public company or unit of mutual fund to be notified by the Board. Upon investment in such specified assets , of the entire sale proceeds , the whole of capital gains shall be exempt from tax.
