Section 54E - Capital gain on transfer of capital assets not to be charged in certain cases - Income-tax Act, 1961

..... case where the original asset is transferred after the 28th day of February, 1983, the provisions of this sub-section shall not apply unless the assessee has invested or deposited the whole or, as the case may be, any part of the net consideration in the new asset by initially subscribing to such new asset:] 9[Provided further that in a case where the transfer of the original asset is by way of compulsory acquisition under any law and the full amount of compensation awarded for such acquisition is not received by the assessee on the date of such transfer, the period of six months referred to in this sub-section shall, in relation to so much of such compensation as is not received on the date of the transfer, be reckoned from the date immediately following the date on which such compensation is received by the assessee 10[or the 31st day of March, 1992, whichever is earlier].] Explanation 1.-11[For the purposes of this sub-section, "specified asset" means,- (a) in a case where the original asset is transferred before the 1st day of March, 1979, any of the following assets, namely:-] (i) securities of the Central Government or a State Government; (ii) savings certificates .....

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Section 54E - Capital gain on transfer of capital assets not to be charged in certain cases - Income-tax Act, 1961

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..... g and Urban Development Corporation Limited [a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956)], as the Central Government may, by notification in the Official Gazette, specify in this behalf;] 18[(d) in a case where the original asset is transferred after the 31st day of March, 1986, any of the assets specified in clause (c) and such bonds issued by any public sector company, as the Central Government may, by notification in the Official Gazette, specify in this behalf; 19[***]] 20[(e) in a case where the original asset is transferred after the 31st day of March, 1989, any of the assets specified in clauses (c) and (d) and such debentures or bonds issued by the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987), as the Central Government may, by notification in the Official Gazette, specify in this behalf.] 21[Explanation 2.-"Eligible issue of capital" shall have the meaning assigned to it in sub-section (3) of section 80CC.] 22[Explanation 3.-An assessee shall not be deemed to have invested the 23[whole or any part of the net consideration in any equity shares referred to in sub-claus .....

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Section 54E - Capital gain on transfer of capital assets not to be charged in certain cases - Income-tax Act, 1961

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..... any loan or advance on the security of such deposit during the said period of three years.] 34[(1C) Notwithstanding anything contained in sub-section (1), where the capital gain arises from the transfer of the original asset, made after the 31st day of March, 1992, in respect of which the assessee had received any amount by way of advance on or before the 29th day of February, 1992 and had invested or deposited the whole or any part of such amount in the new asset on or before the later date, then, the provisions of clauses (a) and (b) of sub-section (1) shall apply in the case of such investment or deposit as they apply in the case of investment or deposit under that sub-section.] (2) Where the new asset is transferred, or converted (otherwise than by transfer) into money, within a period of three years from the date of its acquisition, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a) or, as the case may be, clause (b), of sub-section (1) shall be deemed to be income chargeable under the head "Capital gains" relating to 35[long-term capital assets] .....

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Section 54E - Capital gain on transfer of capital assets not to be charged in certain cases - Income-tax Act, 1961

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..... purposes of this sub-section and sub-section (3), "specified asset" means any of the following assets, namely:-' by the Finance Act, 1979, w.e.f. 1-4-1979. The italicised words were inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 12. Inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 13. Inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 14. Inserted by the Finance Act, 1979, w.e.f. 1-4-1979. 15. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983. 16. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983. 17. Inserted by the Finance Act, 1986, w.e.f. 1-4-1987. 18. Inserted by the Finance Act, 1986, w.e.f. 1-4-1987. 19. Omitted by the Finance Act, 1987, w.e.f. 1-4-1987. 20. Inserted by the Finance Act, 1989, w.e.f. 1-4-1990. 21. Inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 22. Inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 23. Substituted for "full value of the consideration or any part thereof in any equity shares referred to in clause (va)" by the Finance Act, 1979, w.e.f. 1-4-1979. 24. Substituted for "2" by the Finance Act, 1978, w.e.f. 1-4-1978. 25. Substituted for "clause (vi)" by the Finance Act, 1979, w.e.f. 1-4-1979 .....

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Section 54E - Capital gain on transfer of capital assets not to be charged in certain cases - Income-tax Act, 1961

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