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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]
54B Individual
1Transfershouldbeofagricultural
land.
do
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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
years after the date of
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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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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CGExemptionu/s54,54B,54D,54EC,54F,54G,54GATABLEStudents
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