TMI BlogInsertion of new section 54GB.X X X X Extracts X X X X X X X X Extracts X X X X ..... -section (1) of section 139, utilises the net consideration for subscription in the equity shares of an eligible company (herein referred to as the company); and ( iii ) the company has, within one year from the date of subscription in equity shares by the assessee, utilised this amount for purchase of new asset, then, instead of the capital gain being charged to income-tax as the income of the previous year in which the transfer takes place, it shall be dealt with in accordance with the following provisions of this section, that is to say, ( a ) if the amount of the net consideration is greater than the cost of the new asset, then, so much of the capital gain as it bears to the whole of the capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( i ) the amount by which ( a ) the amount of capital gain arising from the transfer of the residential property not charged under section 45 on the basis of the cost of the new asset as provided in sub-section (1) , exceeds ( b ) the amount that would not have been so charged had the amount actually utilised for the purchase of the new asset within the period specified in sub-section (1) been the cost of the new asset, shall be charged under section 45 as income of the assessee for the previous year in which the period of one year from the date of the subscription in equity shares by the assessee expires; and ( ii ) the company shall be entitled to withdra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of an article or a thing; ( iii ) it is a company in which the assessee has more than fifty per cent share capital or more than fifty per cent voting rights after the subscription in shares by the assessee; and ( iv ) it is a company which qualifies to be a small or medium enterprise under the Micro, Small and Medium Enterprises Act, 2006 (27 of 2006); ( c ) "net consideration" shall have the meaning assigned to it in the Explanation to section 54F; ( d ) "new asset" means new plant and machinery but does not include ( i ) any machinery or plant which, before its installation by the assessee, was used either within or outside India ..... X X X X Extracts X X X X X X X X Extracts X X X X
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