Income arising on sale of capital assets is liable to tax under the head “income from capital gains”. However, long-term capital gains from sale of jewellery is exempt from tax if the sale proceeds are utilised for the pu
Section 54EC provides that if a taxpayer invests his long-term capital gains in specified bonds (i.e. NHAI bonds), then the amount of capital gains so invested shall be exempt up to the monetary ceiling of Rs 50 lakh.
Taking the fact into consideration, the company decided to treat it as an event of default for its schemes and also decided to write off the principal and interest aggregating to Rs 52.21 crore on August 16, 2019.