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of <h1>Repeal of Section 54A Removes Targeted Capital Gains Relief for Reinvestment and Trust Charitable Exemptions</h1> Section 54A, now omitted, formerly provided targeted capital-gains relief under the Income-tax Act. Earlier incarnations allowed non-resident individuals or foreign companies to obtain a tax credit where sale proceeds from shares in an Indian company were re-invested in government-approved investments within two years. A later version granted exemption to trusts and specified institutions transferring long-term property if the net consideration was re-applied in a replacement asset held for the same charitable or religious purposes within the previous year or within six months thereafter, with proportional relief where reinvestment was partial.
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