Exemption under capital gain
This query is : Resolved
18 April 2012
Please give the provision regarding Exemption under section 54G &54GA under capital Gain.
19 April 2012
Section 54G :Capital Gain on Transfer of Capital assets in Case of Shifting of Industrial Undertaking from Urban Area
This exemption is is available an individual, HUF, company or any other person who transfers the capital assets (being plant, machinery, land or building or any right in the land or building) being used for the purpose of industrial undertaking situated in an urban area to any area other than urban area.
The assessee purchases within one year before or 3 years after the date of transfer:
(i) Purchases plant or machinery for the purpose of business of industrial undertaking in the area to which the said undertaking has shifted,
(ii) Acquires building or land or constructed building for the purpose of his business in the said area,
(iii) Shifts the original asset and transferred the establishment in the said area, and
(iv) Incurs expenses on such other purpose as may be specified in a scheme framed by Central Government for the purpose of this section.
Section 54GA :Capital Gain on Transfer of Capital assets in Case of Shifting of Industrial Undertaking from Urban Area to any SEZ
This exemption is is available an individual, HUF, company or any other person who transfers the capital assets (being plant, machinery, land or building or any right in the land or building) being used for the purpose of industrial undertaking situated in an urban area to a special economic zone (SEZ). The assessee purchases within one year before or 3 years after the date of transfer:
(i) Purchases plant or machinery for the purpose of business of industrial undertaking in the area to which the said undertaking has shifted,
(ii) Acquires building or land or constructed building for the purpose of his business in the said area,
(iii) Shifts the original asset and transferred the establishment in the said area, and
(iv) Incurs expenses on such other purpose as may be specified in a scheme framed by Central Government for the purpose of this section.
This exemption is is available an individual, HUF, company or any other person who transfers the capital assets (being plant, machinery, land or building or any right in the land or building) being used for the purpose of industrial undertaking situated in an urban area to any area other than urban area.
The assessee purchases within one year before or 3 years after the date of transfer:
(i) Purchases plant or machinery for the purpose of business of industrial undertaking in the area to which the said undertaking has shifted,
(ii) Acquires building or land or constructed building for the purpose of his business in the said area,
(iii) Shifts the original asset and transferred the establishment in the said area, and
(iv) Incurs expenses on such other purpose as may be specified in a scheme framed by Central Government for the purpose of this section.
Section 54GA :Capital Gain on Transfer of Capital assets in Case of Shifting of Industrial Undertaking from Urban Area to any SEZ
This exemption is is available an individual, HUF, company or any other person who transfers the capital assets (being plant, machinery, land or building or any right in the land or building) being used for the purpose of industrial undertaking situated in an urban area to a special economic zone (SEZ). The assessee purchases within one year before or 3 years after the date of transfer:
(i) Purchases plant or machinery for the purpose of business of industrial undertaking in the area to which the said undertaking has shifted,
(ii) Acquires building or land or constructed building for the purpose of his business in the said area,
(iii) Shifts the original asset and transferred the establishment in the said area, and
(iv) Incurs expenses on such other purpose as may be specified in a scheme framed by Central Government for the purpose of this section.
20 April 2012
Good and appropriate reply by the expert Dileep. I agree with him
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