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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Section 54D Amended: New Rules on Capital Gains from Enhanced Compensation for Compulsory Asset Acquisition</h1> Section 54D of the Income-tax Act is amended to include new provisions effective from April 1, 1974. Sub-section (1) is renumbered, and the term 'original asset' is defined. A new sub-section (2) is introduced, addressing situations where compensation for compulsory acquisition of an asset is enhanced. It specifies how capital gains should be treated if the compensation is increased and the taxpayer reinvests in land or buildings within three years. If the unadjusted capital gain exceeds the cost of the new asset, the difference is taxable. If it is less, the gain is not charged, and the cost is adjusted accordingly.
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