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What forms of short term capital gains exempted from taxation?
23-May-2023 (In Tax Law)
Capital asset transferred should be any land, building plant or machinery. New asset in the rural area should be purchased within 1 year before or 3 years after the date of transfer.
Provisions of deposit in Capital Gains Account Scheme, 1988 and consequence of transfer of the new asset within 3 years will be the same as in S. 54.
(ii) Exemption of Capital Gains on transfer of Assets in cases of shifting of Industrial Undertaking from Urban Area to any Special Economic Zone
Section 54H simply extends time for investment to qualify for exemption in cases where capital asset is compulsorily acquired in any previous year but payment is made not on the date of compulsorily acquisition of the asset. In such cases time limit for investment will be reckoned from the date of receipt of the amount by the assessee.
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Adv. Chikirsha Mohanty
Delhi | 200+ Answers
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