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Capital Gain On Transfer Of Residential Property Not To Be Charged In Certain Cases - Sec. 54GB

Income Tax - Capital Gains - Specific Exemptions - 08 - Section 54GB: CAPITAL GAIN ON TRANSFER OF RESIDENTIAL PROPERTY NOT TO BE CHARGED IN CERTAIN CASES AVAILABLE TO Individual, HUF WHICH CAPITAL GAINS COVERED LTCG arising from transfer of a residential property (a house or a plot of land) owned by the assessee (House or plot of land may be in India or outside India) CONDITIONS FOR CLAIMING DEDUCTION The assessee has before the due date of furnishing the return of income under section 139(1) ut .....

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the following conditions: It should be incorporated in India during the period commencing from 1st April of the previous year in which the capital gains arises and ending on the due date of furnishing of return u/s 139(1) by the assessee. It is engaged in business of manufacture of an article or thing or in an eligible business (Inserted by FA, 2016, w.e.f. 1-4-2017) It is a company in which assessee has more than 50% share capital or more than 50% voting rights after subscription in shares by .....

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w asset' means new plant and machinery but does not include the following: Any plant or machinery which is used in India or outside India by any person before its installation by the eligible company Any plant or machinery which is installed in office premises/ residential accommodation/ guest house. Any office appliance Computers Computer software Any vehicle Any plant or machinery which is allowed 100% deduction in any previous year. Provided that in the case of an eligible start-up, being .....

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