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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Individuals and HUFs Can Claim Deductions for Asset Rollover Under Direct Taxes Code 2010 with Specific Conditions</h1> An individual or Hindu undivided family can claim a deduction for the rollover of an original investment asset under the Direct Taxes Code, 2010. The deduction is calculated using a specific formula based on the capital gains from the asset transfer and investments made in a new asset within defined timeframes. The deduction cannot exceed the capital gains amount. Funds deposited under the Capital Gains Deposit Scheme must be used for new asset acquisition within specified periods. Rollover relief applies to certain assets, such as agricultural land or residential houses, with conditions on asset ownership and transfer timelines. 'Net consideration' refers to the transfer value minus related expenses.
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