Amendment of section 54

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..... provisions of sub-section (2), where, in the case of an assessee being an individual or a Hindu undivided family" shall be substituted; (ii) the Explanation at the end shall be omitted; (b) for sub-section (2), the following sub-section shall be substituted, namely :- "(2) The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asse .....

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..... unt, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset : Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then, - (i) the amou .....

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