Seshadripuram Evening Degree College, # 27, Nagappa Street, Seshadripuram, Bengaluru-560020

Exemptions under capital gain

Different Sec.54 Sec.54B Sec. 54D Sec.54 EC Sec. 54F Sec. 54G Sec. 54GA
questions
Who can Individual/HUF Individual Any person Any person Individual/HUF Any person Any person
claim
Which type Long term Short/long Short/long term Long term Long term Short Short term/long
of capital term term/long term
Asset is term
eligible
Which A residential Agricultural Land or Any long term Any long term Land, Land, building,
specific house land used by building capital asset capital asset building, plant or
assets is property the individual forming part transferred (other than a plant or machinery in
eligible or his parents of an after 31st residential machinery order to shift an
for agricultural industrial March 2000 house in order to industrial
purpose for at undertaking property) shift an undertaking from
least 2 years which is provided on the industrial urban area to any
immediately compulsorily date of transfer undertaking Special
prior to acquired by the the taxpayer from urban Economic Zone
transfer govt. and which does not own area to rural
is used for 2 more than one area
years for residential
industrial house property
purposes prior from the
to its acquisition assessment year
2001-02
Asset Residential Agricultural Land or building Bonds of NHAI A residential Land, Land, building,
should be house land (rural or for industrial or REC house building, plant plant or
acquired by property urban) purposes property or machinery machinery in
taxpayer in order to order to shift an
shift an undertaking to
undertaking any SEZ
to rural area
Time limit Purchase: 1 2 years 3 years forward 6 months Purchase: 1 Purchase: 1 Purchase: 1 year
for year backward forward forward year backward year backward or 2
acquiring or 2 years or 2 years backward or 2 years forward
new asset forward. forward. years forward
Construction: 3 Construction: 3
years forward years forward
From date Date of Date of Date of receipt Date of From the date of From the date From the date of
time limit transfer of HP transfer of of compensation transfer of transfer of of transfer transfer
shall be but in case of agricultural long-term cap capital asset but
determined compulsory land asset but in in case of
acquisition the case of compulsory
Santhosh J.V MBA, M.Com, K-SET
Seshadripuram Evening Degree College, # 27, Nagappa Street, Seshadripuram, Bengaluru-560020
from the date compulsory acquisition from
receipt of acquisition the date of
compensation from the date receipt of
of receipt of compensation
compensation
How much Investment in Investment in Investment in Investment in Investment in Investment in Investment in the
is exempt the new asset the new asset the new asset or the new asset the new asset/ the new asset new asset or
or capital gain, or capital gain, capital gain, or capital gain, net sale or capital capital gain, w.e.l.
w.e.l. w.e.l. w.e.l. w.e.l. consideration x gain, w.e.l.
capital gain
Is it If the new If the new If the new asset If the new (a). if the new If the new If the new asset is
possible to asset is asset is is transferred asset is asset is asset is transferred within
revoke the transferred transferred within 3 years transferred or transferred transferred 3 years of its
exemption within 3 years within 3 years of its acquisition it is converted within 3 years within 3 acquisition
in a of its of its into money or of its years of its
subsequent acquisition acquisition a loan is taken acquisition, acquisition
year or on security of (b). if another
LOCK- IN- the new asset residential
PERIOD within 3 years house is
of its purchased
acquisition within 2 years
of transfer of
original asset, or
©. If another
residential
house is
constructed
within 3 years
of the transfer
of original asset
Status of STCG STCG STCG LTCG LTCG STCG STCG
notional
income
Scheme of Yes Yes Yes No Yes Yes Yes
deposit is
applicable

Scheme of Deposit:
If the new asset is not acquired up to the due date of submission of return of income, then the taxpayer will have to deposit the money in
“Capital gain deposit account scheme” with a nationalized bank with in due date of filing of return of income (i.e., 31 st July of
Assessment year. The proof of payment should be submitted along with return of income. On the basis of actual investment and the
amount deposited in the deposit account, exemption will be given to the taxpayer.

Santhosh J.V MBA, M.Com, K-SET