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of <h1>Section 54GB exempts capital gains tax if proceeds from property sales fund equity in eligible companies before March 31, 2017.</h1> Section 54GB of the Income-tax Act, effective from April 1, 2013, exempts capital gains from the transfer of long-term residential property if the proceeds are used to subscribe to equity shares in an eligible company. The company must utilize these funds to purchase new assets within a year. If the net consideration exceeds the cost of new assets, the proportionate capital gain is exempt from tax. Unutilized funds must be deposited in a specified account. If shares or assets are transferred within five years, the exempted gain becomes taxable. This provision applies to transfers made before March 31, 2017. Definitions for 'eligible assessee,' 'eligible company,' 'net consideration,' and 'new asset' are provided.
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