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SECTION 54GB

ankit (ca) (24 Points)

10 August 2017

EXPLAIN IN SIMPLIFIED MANNER

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (163086 Points)
Replied 10 August 2017

This exemption is applicable from A.Y. 2013-14 and F.Y.2012-13 with following conditions:

This exemption is available to individual or HUF.
The assessee has sold long term capital asset ( House or plot of land).
The sale should be during 1/4/2012 to 31/3/2017.
The assessee should invest the sale consideration in equity shares of of eligible company before the due date of furnishing return of income of assessee. The eligible company should use the amount in the purchase of new asset *within 1 year from the subscripttion date or it can deposit the amount in capital gain deposit account before due date of furnishing return of income of assessee.
Exemption available is investment in new asset by eligible company / Net sale consideration * capital gain.
The exemption will be revoked and taxable as long term capital gain when equity shares are sold by assessee within 5 years from the date of purchase of shares or new asset is transferred by eligible company within 5 years from the date of acquisition of asset or the capital gain deposit account is not fully or partially utilized by the eligible company.

More details:: section-54gb-income-tax-act

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