Capital gains exemption on specified fund investment: invest in notified long term fund within six months to defer capital gains tax. Capital gains from transfer of a long term capital asset are not charged under section 45 to the extent invested in notified units of a specified long ... Summary
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Capital gains exemption on specified fund investment: invest in notified long term fund within six months to defer capital gains tax.
Capital gains from transfer of a long term capital asset are not charged under section 45 to the extent invested in notified units of a specified long term fund within six months; full exclusion applies when investment cost equals or exceeds the capital gain, otherwise a proportionate exclusion applies, subject to an annual investment ceiling. If the specified asset is transferred within three years, the excluded amount is deemed capital gains in the year of transfer; taking a loan on the asset is a deemed transfer. "Cost" means amount invested from capital gains and specified assets are notified fund units.
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