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CGExemptionu/s54,54B,54D,54EC,54F,54G,54GATABLEStudents

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CGExemptionu/s54,54B,54D,54EC,54F,54G,54GATABLE

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Thefollowingtableisallaboutcapitalgainexemption,underwhatsectionyoucanavail
it,Conditionstobesatisfied,quantumofexemption.Youcancalculatecapitalgaintax
exemptioneasilywiththehelpoffollowingtable.

N.Naveena
MaheswaraRao
Assistantmanager
foraccounts

Under Allowed
Section Assessee

Conditionstobesatisfied

Quantumof
exemption

[Scorecard:1086]

54 Individual/HUF 1. Transfer should be of a Actual amount


residentialhouse
invested in
new asset or
income of which is chargeable the capital gain
under thehead Income from house whicheverisless.
property.
2 It must be a longterm capital
asset.
3. Purchase of another residential
house should be within one year
before or 2years after, or
construction should be within three
yearsafterthedateoftransfer.

54B Individual

1Transfershouldbeofagricultural
land.

do

2. It must have been used in the 2


years i mmediately preceding
thedateoftransferforagricultural
purposes eitherby the assessee or
hisparent.
3Anotheragriculturallandshould
be purchased within 2 years after
thedateoftransfer.

54D Any assessee 1 There must be compulsory Actual amount invested


which is an acquisition.
in new asset or the
industrial
capitalgainwhicheveris
2. The property less.
undertaking
compulsorilyacquiredshould
be land and building forming
part of an industrial
undertaking.
3.Theassetmusthavebeen
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CGExemptionu/s54,54B,54D,54EC,54F,54G,54GATABLEStudents

used
in
the
2years
immediately preceding the
dateoftransferoftheassessee
forthepurposeofthebusiness
oftheundertaking.

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4. Within a period of 3
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compulsory acquisition any
other land or building should
be purchased or constructed
for the use of existing or
newly set up industrial
undertaking.

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54EC Anyassessee

1. The asset transferred Actual amount invested


shouldbealong
in new asset or the
capitalgainwhicheveris
termcapitalasset
less.
maximum
2.Withinaperiodof6months However,
amount
which
can be
after the date of transfer, the
capital gain must he invested invested in any financial
in the specified assets i.e. year cannot exceed Rs.
bonds redeemable after 3 50,00,000
years issued by NHAl or
RECL.

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54F Individual/HUF 1. The asset transferred Ifthecostofthenew


shouldbealong
residentialhouseisnot
termcapitalasset,notbeinga
residentialhouse.
lessthanthenet
2. Within a period of I year considerationthenthe
beforeor2yearsafterthedate
oftransfer,aresidentialhouse
should be purchased or wholeofthecapitalgain.
constructedwithinaperiodof
3 years after the date of Otherwise,
transfer.
Ami.invested
3. The assessee should not
ownmorethanoneresidential
houseonthedateoftransfer. ITCG x :

4. The assessee should not


within a period of one year Netconsiderationprice
purchaseorshouldnotwithin
a period of 3 years construct
any residential house other
thanthenewasset.

54G Any assessee 1 Machinery, plant, building, If the cost of the new
being
an orlandused
assets and expenses
industrial
incurred for shifting are
for the business of an greater than the capital
undertaking
industrialundertakingsituated gain, the whole of such
in an urban area should have capital gain. Otherwise
beentransferred.
capitalgaintotheextent
2.Transfer should be due to
shiftingtoanyareaotherthan
anurbanarea.

3.Withinaperiodof1year ofthecostofthenewasset.
before or 3 years after the
date of transfer purchased
machinery, plant or acquired

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CGExemptionu/s54,54B,54D,54EC,54F,54G,54GATABLEStudents

building or land or
constructed building and
completedshiftingtothenew
area.

54GA Any
1.Machinery,plant,building, If the cost of the new assets
assessee
orlandused
and expenses incurred for
being an
shifting are greater than the
industrial for the business of an capital gain, the whole of
undertaking such capital gain. Otherwise
undertaking industrial
situated in an urban area capital gain to the extent of
shouldhavebeentransferred. thecostofthenewasset.
2.Transfer should be due to
shifting to any Special
Economic Zone whether
developed in any urban area
oranyotherarea.
3. Within a period of 1 year
before or 3 years after the
date of transfer purchased
machinery, plant or acquired
building or land or
constructed building and
completedshiftingtothenew
area.

Notes : Capital Gain Scheme.If the new asset is not acquired under sections 54, 54B,
54D,54F,54Gand54GAorthefullamountcouldnotbeinvesteduptothedue date of
furnishingthereturnofincome,theassesseecandepositthedesiredamountunderthe
Capital Gain Scheme on or before the due date of return and thus can acquire the asset
within the stipulated time out of money withdrawn from such scheme at a later date. In
thecaseofsection54ECtheCapitalGainSchemeisnotapplicable.

Consequences if the new asset acquired is transferred within 3 years of its acquisition
Under sections 54, 54B, 54D, 5>G and 54GA.For computation of new Capital Gain
(whichwillbeshortterm),thecostofacquisitionofsuchnewassetshallbereducedby
theamountofCapitalGainexemptundersections54,54B,54Dand54Gearlier.
UNDER 54F.Besides the new Capital Gain (which will be shortterm), the Capital
Gain exempt earlier under section 54F, shall be longterm capital gain of the previous
yearinwhichnewassetistransferred.
Undersection54EC.If such security acquired is converted into money or any loan is
takenagainstsuchsecuritieswithin3years,theCapitalGainexemptundersection54EC
for such securities earlier shall be longterm Capital Gain of the previous year in which
suchconversiontakesplaceortheloanistaken.
Consequences if the amount deposited in Capital Gain Scheme is not utilised within the
stipulatedtimeof3years(2yearsincaseofsection54B).Theunutilisedamountshall
be Capital Gain (shortterm or longterm depending upon original transfer) of the
previous year in which such period has expired. However, in case of section 54F,
proportionateamountshallbetaxable.

OnlineclassesforCACSCMA
57

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