Quiz for the week (05 Oct 2026) :
Ashok and his minor son Babu (age 15) owned a vacant land (with equal share) which was gifted by his father. The FMV of the entire extent of land as on 1.4.2001 was Rs.10 lakhs. The vacant land was sold for Rs.140 lakhs (total). Both Ashok and his minor son subscribed to NHAI capital gain bond for Rs.50 lakhs each for availing deduction under section 54EC. Ashok also applied for the bonds as guardian of the minor son Babu. Is the exemption under section 54EC be limited to Rs.50 lakhs or Rs.100 lakhs?
Share your thoughts on or before 12.10.2026.