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of <h1>Capital gains tax exemption under Section 54D for reinvested proceeds from compulsory land acquisition in industrial undertakings.</h1> Section 54D of the Income-tax Act, introduced by the Finance Act, 1973, exempts capital gains tax on compulsory acquisition of lands or buildings used in an industrial undertaking if the proceeds are reinvested within three years in new assets for shifting, re-establishing, or setting up another industrial undertaking. If the capital gain exceeds the cost of the new asset, the excess is taxed. If it is equal to or less, no tax is charged. For calculating future gains from the new asset within three years, the cost basis is adjusted based on the capital gain.
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