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Section 54GA - Exemption on CG on shifting of undertaking to SEZ - Income Tax - Ready Reckoner - Income TaxExtract Section 54GA - Exemption on CG on shifting of undertaking to SEZ Assessee Any Person Nature of Asset Long-term capital asset / Short-term capital asset Asset to Transfer Transfer of plant machinery or land or building for shifting industrial undertaking from urban area to SEZ. New assets to be purchased or constructed Purchase / construction of new plant machinery, land or building in such SEZ, or, Shifting original asset to that area, or, Incurring notified expenses Time limit Within 1 year before or 3 years after the date of transfer Condition The transfer is effected in the course of shifting the undertaking from an urban area to any special economic zone The capital gain is utilised 1 year before or 3 years after date of transfer for the specified purpose which includes:- Purchased new plant/ machinery and Acquired building or land Expenses on shifting the old undertaking and its establishment to the Special Economic Zone Incurred expenses on such other purposes as may be specified in scheme framed by Central Govt. Thus, the taxpayer must acquire Land, building, plant or machinery in order to shift undertaking to any special economic zone Capital Gain Deposit Scheme Available Quantum of Deduction Lower of: - a) Capital Gains, or b) Cost of New Asset/Deposit Amount Transfer Consequence If such New Asset transferred within 3 Years from the date of purchase or construction, then Cost of Acquisition of New Asset to be reduced by capital gain exemption availed.
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