Section 54

Allowability

Exemption is Allowed provided the Assessee has Long Term Capital Gains on transfer of Residential House.

Allowed To

Individual/HUF

Conditions to be Satisfied

a.) The Assessee Should have purchased one Residential in India house either one year before or two years after the date of transfer OR The Assessee should Construct one residential house in India within three years after the date of transfer

b.) The Assesee Should either Purchase or Construct only one House within the specified time period.

c.) The House so purchased or constructed should not be transferred for a period of at least Three Years.

Amount of Exemption

Amount of Exemption shall be equal to Amount Invested(Subject to Capital Gains)

Capital Gain Accounts Scheme,1988 Aplicability*

Applicable

Consequences

If Assessee Violates Condition c.) stated above Exemption earlier allowed shall be withdrawn in special manner i.e. While Computing Capital Gains, Cost of Acquistion shall be reduced by the amount of exemption earlier taken.

Section 54B

Exemption is Allowed provided the Assessee has  Capital Gains on transfer of Agricultural Land.

Allowed To

Individual/HUF

Conditions to be Satisfied

a.) The Assessee Should have purchased one or more Agricultural Land within a period of two years after the date of transfer

b.) The Assesee or his parentsor HUF should have been using Agricultural Land so transferred for a period of atleast 2 years at the time of Sale

c.) The Land so purchased  should not be transferred for a period of at least Three Years

Amount of Exemption

Amount of Exemption shall be equal to Amount Invested(Subject to Capital Gains)

Capital Gain Accounts Scheme,1988 Aplicability*

Applicable

Consequences

If Assessee Violates Condition c.) stated above Exemption earlier allowed shall be withdrawn in special manner i.e. While Computing Capital Gains, Cost of Acquistion shall be reduced by the amount of exemption earlier taken.

Section 54D

Exemption is Allowed provided the Assessee has Capital Gains on Compulsory Acquisition of Industrial Undertaking.

Allowed To

All Assessees

Conditions to be Satisfied

a.) The Assessee Should have Invested the Amount in Land and Building for the purpose of Industrial Undertaking within a period of Three years after the date of Payment by Government.

b.) The Assesee should have been using such Land and Building for the purpose of Industrial Undetaking for a period of at least 2 years at the time of Acquisition.

c.) The Land and Building so purchased should not be transferred for a period of at least Three Years

Amount of Exemption

Amount of Exemption shall be equal to Amount Invested(Subject to Capital Gains)

Capital Gain Accounts Scheme,1988 Aplicability*

Applicable

Consequences

If Assessee Violates Condition c.) stated above Exemption earlier allowed shall be withdrawn in special manner i.e. While Computing Capital Gains, Cost of Acquistion shall be reduced by the amount of exemption earlier taken.