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Section 54 EC of Income Tax

When you sell a capital asset for a profit, you need to pay capital gains tax. In case you have held the asset for three years or longer, it becomes long term capital gains. Section 54 EC gives income tax rebate on this long term capital gains tax liability in case of property or any other capital asset.

To qualify under Section 54 EC, you need to invest in bonds of the Rural Electrification Corporation (REC) or National Highway Authority of India (NHAI) within six months of sale of the property. The maximum amount of such investment that gives you tax relief is Rs 50 lakh.

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