TMI BlogCapital gain on transfer of capital assets not to be charged in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... tal gain as bears to the whole of the capital gain the same proportion as the cost of acquisition of the new asset bears to the 7 [ net consideration ] shall not be charged under section 45: 8 [Provided that in a 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, specifie ..... 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(52 of 1963), which the Central Government may, by notification in the Official Gazette, specify in this behalf; ( iii ) such National Rural Development Bonds as have been notifiedunder clause ( b ) of Explanation 1 or as may be notified in this behalf under this clause by the Central Government; ( iv ) such debentures issued by the Housing 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), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ] 32 [ (1B) Where on the fulfilment of the conditions specified in sub-section (1A), the cost of the new asset referred to in that sub-section is taken into account for the purposes of sub-section (1), the assessee shall, within a period of ninety days from the expiry of the period of three years reckoned from the date of such deposit, furnish to the 33 [ Assessing ] Officer a certificate from the officer referred to in clause ( b ) of sub-section (1A) to the effect that the assessee has not taken 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he consideration or any part thereof received or accruing as a result of such transfer by the Finance Act, 1979, w.e.f. 1-4-1979. 5. Substituted for full value of consideration received or accruing by the Finance Act, 1979, w.e.f. 1-4-1979. 6. Substituted for full value of consideration received or accruing by the Finance Act, 1979, w.e.f. 1-4-1979. 7. Substituted for full value of such consideration by the Finance Act, 1979, w.e.f. 1-4-1979. 8. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983. 9. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1984. 10. Inserted by the Finance Act, 1992, w.e.f. 1-4-1992. 11. Substituted for 'For the 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. Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X
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