AAFM Exam GLO_CWM_LVL_1 Topic 3 Question 46 Discussion

A businessman sold Rs. 85 lakh value of unlisted securities on 20th December 2012. These shares were acquired in April 2008 for Rs. 20 lakh. He invested Rs. 40 lakh from these proceeds in February 2013 in his first residential house to avail benefit under Section 54F of the Income-tax Act, 1961. What approximate amount of bonds specified under Section 54EC should he purchase and by what date so as to make his capital gains liability almost ''Nil'' towards these transactions? Cost inflation index for FY 2008-09: 582, 2012-13: 852.