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Income Tax Act, 1961 Section 54E

Title: Capital Gain on Transfer of Capital Assets Not to Be Charged in Certain Cases

State: Central

Year: 1961

.....under the Unit Trust of India Act, 1963 (52 of 1963); (iv) debentures specified by the Central Government for the purposes of clause (ii) of sub-section (1) of section 80L ; (v) shares in any Indian company which are issued to the public or are listed in a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder, where the investment in such shares is made before the 1st day of March, 1978 ; (va) equity shares forming part of any eligible issue of capital, where the investment in such shares is made after the 28th day of February, 1978; (vi) deposits for a period of not less than three years with the State Bank of India established under the State Bank of India Act, 1955 (23 of 1955), or any subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) or any nationalised bank, that is to say, any corresponding new bank, constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or any co-operative society engaged in carrying on the business of banking (including a co-operative land.....

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Income Tax Act, 1961 Section 54F

Title: Capital Gain on Transfer of Certain Capital Assets Not to Be Charged in Case of Investment in Residential House

State: Central

Year: 1961

.....deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme2 which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, 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 amount by which - (a) the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of the new asset as provided in clause (a) or, as the case may be, clause (b) of sub-section (1), exceeds (b) the amount that would not have been so.....

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Income Tax Act, 1961 Section 54EB

Title: Capital Gain on Transfer of Long-term Capital Assets Not to Be Charged in Certain Cases

State: Central

Year: 1961

.....any part of the capital gain received or accrued as a result of transfer of the original asset in any long-term specified asset and such assessee takes any loan or advance on the security of such specified asset, he shall be deemed to have converted (otherwise than by transfer) such specified asset into money on the date on which such loan or advance is taken. (3) Where the cost of the long-term specified asset has been taken into account for the purposes of clause (a) or clause (b) of sub-section (1), a deduction from the amount of income-tax with reference to such cost shall not be allowed under section 88. __________________ 1. Inserted by the Finance Act, 2000, with effect from 1st April, 2001.

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Income Tax Act, 1961 Section 54EA

Title: Capital Gain on Transfer of Long-term Capital Assets Not to Be Charged in the Case of Investment in Specified Securities

State: Central

Year: 1961

.....converted (otherwise than by transfer) such specified securities into money on the date on which such loan or advance is taken. (3) Where the cost of the specified securities has been taken into account for the purposes of clause (a) or clause (b) of sub-section (1), a rebate with reference to such cost shall not be allowed under section 88. Explanation : For the purposes of this section, - (a) "cost", in relation to any specified securities, means the amount invested in such specified securities out of the net consideration received or accruing as a result of the transfer of the original asset; (b) "net consideration", in relation to the transfer of a capital asset, means the full value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by the expenditure incurred wholly and exclusively in connection with such transfer. ______________ 1. Inserted by the Finance Act, 2000, with effect from 1st April, 2001.

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Income Tax Act, 1961 Section 194L

Title: Payment of Compensation on Acquisition of Capital Asset

State: Central

Year: 1961

1[Any person responsible for paying to a resident any sum being in the nature of compensation or the enhanced compensation or the consideration or the enhanced consideration on account of compulsory acquisition, under any law for the time being in force, of any capital asset shall, at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax on income comprised therein : Provided that no deduction shall be made under this section where the amount of such payment or, as the case may be, the aggregate amount of such payments to a resident during the financial year does not exceed one hundred thousand rupees :] 2[Provided further that no deduction shall be made under this section from any payment made on or after the 1st day of June, 2000.] _____________________ 1. Inserted by the Finance Act, 1999, with effect from 1st June, 1999. 2. Inserted by the Finance Act, 2000, with effect from 1st June, 2000.

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Income Tax Act, 1961 Section 45

Title: Capital Gains

State: Central

Year: 1961

.....transfer took place and shall not be regarded as income of the depository who is deemed to be the registered owner of securities by virtue of sub-section (1) of section 10 of the Depositories Act, 1996, and for the purposes of - (i) section 48; and (ii) proviso to clause (42A) of section 2, the cost of acquisition and the period of holding of any securities shall be determined on the basis of the first-in-first-out method. Explanation: For the purposes of this sub-section, the expressions beneficial owner, depository and security shall have the meanings respectively assigned to them in clauses (a), (e) and (l ) of sub-section (1) of section 2 of the Depositories Act, 1996. (3) The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co-operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax as his income of the previous year in which such transfer takes place and, for the purposes of section 48, the amount recorded in the books of account of the firm, association or body as.....

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Income Tax Act, 1961 Section 54EC

Title: Capital Gain Not to Be Charged on Investment in Certain Bonds

State: Central

Year: 1961

.....as under: "(b) "long-term specified asset" means any bond, redeemable after three years and issued on or after the 1st day of April, 2006, - (i) by the National Highways Authority of India constituted under section 3 of the National Highways Authority of India Act, 1988 (68 of 1988), and notified by the Central Government in the Official Gazette for the purposes of this section; or (ii) by the Rural Electrification Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956), and notified by the Central Government in the Official Gazette for the purposes of this section." 5. Inserted by the Finance Act, 2007, with retrospective effect from 1st April, 2006.

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Income Tax Act, 1961 Section 115F

Title: Capital Gains on Transfer of Foreign Exchange Assets Not to Be Charged in Certain Cases

State: Central

Year: 1961

.....whole of the capital gain the same proportion as the cost of acquisition of the new asset bears to the net consideration shall not be charged under section 45. Explanation : For the purposes of this sub-section, - (i) cost, in relation to any new asset, being a deposit referred to in sub-clause (iii), or specified under sub-clause (v) of clause (f) of section 115C, means the amount of such deposit ; (ii) net consideration, in relation to the transfer of the original asset, means the full value of the consideration received or accruing as a result of the transfer of such asset as reduced by any expenditure incurred wholly and exclusively in connection with such transfer. (2) Where the new asset is transferred or converted (otherwise than by transfer) into money, within a period of three years from the date of its acquisition, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a) or, as the case may be, clause (b) of sub-section (1) shall be deemed to be income chargeable under the head Capital gains relating to capital assets other than short-term capital.....

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Income Tax Act, 1961 Section 54B

Title: Capital Gain on Transfer of Land Used for Agricultural Purposes Not to Be Charged in Certain Cases

State: Central

Year: 1961

.....deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme1 which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase 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 of the new asset within the period specified in sub-section (1), then, - (i) the amount not so utilised shall be charged under section 45 as the income of the previous year in which the period of two years from the date of the transfer of the original asset expires ; and (ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid. Explanation : [Omitted by the Finance.....

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Income Tax Act, 1961 Section 54D

Title: Capital Gain on Compulsory Acquisition of Lands and Buildings Not to Be Charged in Certain Cases

State: Central

Year: 1961

.....deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme1 which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, 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 amount not so utilised shall be charged under section 45 as the income of the previous year in which the period of three years from the date of the transfer of the original asset expires; and (ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid. .....

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