Amendment of chapter iv-e relating to capital gains

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..... b) in section 47, after clause (vii), the following clause shall be inserted, namely :- "(viii) any transfer of agricultural land in India effected before the 1st day of March, 1970."; (c) after section 54A, the following section shall be inserted, namely :- "54B. Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases. - Where the ca .....

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..... the new asset shall be charged under Section 45 as the income of the previous year; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase, the cost shall be nil; or (ii) if the amount of the capital gain is equal to or less than the cost of the new asset the capital gain shall not be charged under Se .....

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