|
Section |
Asset |
Assessee |
Holding Period of Original Assets |
Whether Reinvestment Necessary —Time Limit |
Other Conditions/
Incidents
|
Quantum |
|
54 |
Residential House Property |
Individual HUF |
3 years |
Yes — In Residential House, within 1 year before, or 2 years after the date of transfer (if purchased) or 3 years after the date of transfer (if constructed).** |
|
The amount of gains, or the cost of new asset, whichever is lower |
|
54B |
Agricultural Land |
Individual |
Use for 2 years |
Yes — In Agricultural Land, within 2 years after the date of transfer. |
Must have been used by assessee or his
parents for agricultural
purposes
See Notes 1, 2 and 10 |
As above |
|
54D |
Industrial Land or Building or any
right
therein |
Any Assessee |
Use for 2 years |
Yes — In Industrial Land, Building, or any right therein within 3 years after the date of transfer. |
Must have been compulsorily acquired |
As above |
|
54EC |
Any Long-term Capital Asset (LTCA) |
Any Assessee |
Shares, Listed Securities, Units of UTI/Mutual Fund covered u/s. 10(23D) :1 year Others : 3 years |
Yes — Whole or any part of capital gain in bonds redeemable after 3 years and issued on or after 1-4-2006 by NHAI or REC and notified by the Govt.
– within 6 months from the date of transfer. |
|
The amount of gain or the cost of new asset whichever is lower subject to Rs. 50,00,000 per assessee during any financial year for investments made on or after 1-4-2007. Also investment in bonds notified before 1-4-2007 would be
subject to conditions laid down in
notification including limiting condi-
tions (i.e., Rs. 50 lakhs per assessee) |
|
54ED |
LTCA being listed securities or units |
— do — |
Listed Securities or units of UTI/Mutual Fund covered u/s. 10(23D) : 1 year |
Yes — Within six months from the date of transfer in acquiring eligible issue of capital |
exemption is available only in respect of the assets transferred before 1-4-2006 |
— do — |
|
54F |
Any Capital Asset (not being a residential house) |
Individual HUF |
Shares, Listed, Securities, Units of UTI/Mutual Fund covered u/s. 10(23D) : 1 year Others : 3 years |
Yes — In Residential House, within 1 year before, or 2 years after the date of transfer (if purchased), or 3 years after the date of transfer (if constructed).** |
|
If the cost of the specified asset is not less than Net Consideration of the original asset, the whole of the gains. If the cost of the specified asset is less than the Net Consider-ation, the proportionate amount of
the gains. |
|
54G |
Industrial land or
building or
plant or
machinery |
Any Assessee |
— |
Yes— In similar assets and expenses on shifting of original asset, within 1 year before, or 3 years after the date of transfer. |
|
The amount of gains, or the aggregate cost of new asset and shifting expenses, whichever is lower. |
|
54GA |
Industrial land or building or
plant or machinery |
Any Assessee |
— |
Yes — In similar assets and expenses on shifting of original assets to a Special Economic Zone – within 1 year before or 3 years after the date of transfer |
|
The amount of gains, or the aggregate cost of new asset and shifting expenses, whichever is lower |
|
115F |
‘Foreign Exchange
Asset’
(See Note  |
Non- Resident Indian |
Shares, Listed Securities, Units of UTI/Mutual Fund covered u/s.
10(23D) : 1 year
Others : 3 years |
Yes— In ‘Specified Assets’ (See Note 9) or Specified Savings Certificates of Central Government, within 6 months after the date of transfer |
|
Same as u/s. 54F above |
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