Capital gain (part-2) - revision

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vipul jain

EFFORTS NEVER FAIL

2894 Points Joined September 2010

FAST TRACK --- CAPITAL GAIN (PART-2)

REVISION TIME

EXEMPTIONS FROM CG AVAILABLE IN RESPECT OF ALL ASSETS OTHER THAN INDUSTRIAL UNDERTAKINGS

PROVISIONS	PROFIT ON SALE TO PROPERTY USED FOR RESIDENCE [ SEC.54 ]	CAPITAL GAINS ON TRANSFER OF AGRICULTURAL LAND [ SEC.54B ]	INVESTMENT IN CERTAIN BONDS [ SEC. 54EC ]	CAPITAL GAINS ON TRANSFER OF ANY CAPITAL ASSETS EXCEPT RESIDENTIAL HOUSE [ SEC.54F ]
1. Assessee	Individual / HUF	Individual	Any Person	Individual / HUF
2. Asset Transfered	RHP	Urban Agricultural Land used for agricultural purpose by him or by his parents for 2 years immediately prioe to date of transfer.	Any Capital Assets	Any Capital Assets (other than RHP) Imp. Note :- Exemption is not available if assessee - owns more than 1 RHP(other than new) on DOT of original Assest; or purchase a RHP, other than new asses, within 1 year from DOT of original asset.
3. Nature of Asset	Long term	Short / Long term	Long term	Long term
4. New Asset to be purchased / constructed	RHP	Agricultural Land ( urban or rural )	Notified Bonds (Redeemable after 3 years) issued by :- NHAI RECL	RHP
5. Time limit for purchased / constructed	Purchase :-with in a period of 1 year before or 2 years after, FROM DATE OF TRANSFER Construction :-with in a period of 3 years FROM DATE OF TRANSFER	Purchase :-with in 2 years FROM THE DATE OF TRANSFER	With in 6 months FROM THE DATE OF TRANSFER	Purchase :-with in a period of 1 year before or 2 years after, FROM DATE OF TRANSFER Construction:-with in a period of 3 years FROM DATE OF TRANSFER
6. Deposit Scheme	Applicable	Applicable	Not Applicable	Applicable
7. Amount of Exemption	Minimum of the following :- Investment in New Assets Capital Gains	Minimum of the following :- Investment in New Assets Capital Gains	Minimum of the following :- Investment in New Assets Capital Gains Imp. Note :- Maximum Exemption limit being Rs. 50 lakhs in a F.Y	*[LTCgAmount invested in new assets] / Net consideration**
8. Exemption will be withdrawn on-	Transfer of new asset within 3 years from its purchase / construction	Transfer of new asset within 3 years from its purchase	Transfer of new asset, conversion thereof in money or taking loan or advance on its security within 3 years from date of its acquisition.	Assessee purchases within 2 years or constructs within 3 years from DOT of original assets, a RHP other than new house; or Transfer of new asset within 3 years from its purchase / construction
10. Taxability on Withdrawal	Exemption claimed earlier shall be reduced from the COA of new assets.	Exemption claimed earlier shall be reduced from the COA of new assets.	Exempted CG will be taxable as LTCG in P.Y. in which such transfer / conversion takes place.	Exempted CG will be taxable as LTCG in P.Y. in which :- anothe RHP is purchased or constructed; or new asset is transfered

gud luck for study

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@ vipul Jain @

Replies (26)

valji

Accounts manager-MBA

2150 Points Joined July 2008

very nice

vipul jain

EFFORTS NEVER FAIL

2894 Points Joined September 2010

FAST TRACK ----- CAPITAL GAIN (PART-2)

REVISION TIME

EXEMPTIONS FROM CAPITAL GAINS IN RESPECT OF INDUSTRIAL UNDERTAKINGS

PROVISIONS	COMPULSORY ACQUISITION OF LAND & BUILDING [SEC. 54D]	SHIFTING OF UNDERTAKING TO RURAL AREA [SEC. 54G]	SHIFTING OF UNDERTAKING TO SEZ [SEC.54GA]
1. Assessee	Any Person	Any Person	Any Person
2. Asset transfered	Compulsory acquisition of land or building which was used in the business of industrial undertakings during 2 years prior to DOT	Transfer of plant, machinery or land or buildig for shifting industrial undertaking from urban area to rural area	Transfer of plant, machinery or land or buildig for shifting industrial undertaking from urban area to SEZ
3. Nature of Asset	Short / Long term	Short / Long term	Short / Long term
4. New Asset to be purchased / constructed	New land or building for the industrial undertaking	Purchase / construction of plant, machinery, land or building in such area; or shifting the original asset to that area or; incurring notifies expenses.	Purchase / construction of plant, machinery, land or building in such SEZ; or shifting original asset to SEZ or; incurring notifies expenses.
5. Time limit for purchase / construction of new asset	Within 3 years from date of receipt of initial compensation	Within 1 year before or 3 years after the DOT	Within 1 year before or 3 years after the DOT
6. Deposit scheme	Applicable	Applicable	Applicable
7. Amount of exemption	Minimum of the following :- Investment in new Assets Capital Gains	Minimum of the following :- Capital Gains Cost incurred for (1) to (3) of point 4.	Minimum of the following :- Capital Gains Cost incurred for (1) to (3) of point 4.
8. Exemption will be withdrawn on-	Transfer of new asset within a period of 3 years from the date of its acquisitin or construction	Transfer of new or shifted asset within a period of 3 years from the date of its acquisitin or construction or shifting	Transfer of new or shifted asset within a period of 3 years from the date of its acquisitin or construction or shifting
9. Taxbility on withdrawal of exemption	Exemption claimed earlier shall be reduced from the COA of new asset.	Exemption claimed earlier shall be reduced from the COA of new asset or shifted asset.	Exemption claimed earlier shall be reduced from the COA of new asset or shifted asset.