Exemption under section 54

when new asset is transferred within 3 years the, while computing capital gain of the transfer, cost of acquisition shall be reduced by the capital gain of original asset.
but as per section 47, section 45(charging section of capital gain) shall not apply to any transfer of Capital Asset under gift or will or an irrevocable trust.
Hence there shall be no tax liability on the transferor.

when new asset is transferred within 3 years the, while computing capital gain of the transfer, cost of acquisition shall be reduced by the capital gain of original asset.
but as per section 47, section 45(charging section of capital gain) shall not apply to any transfer of Capital Asset under gift or will or an irrevocable trust.
Hence there shall be no tax liability on the transferor.