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of <h1>Tax Exemptions for Long-Term Capital Gains: Insights into Sections 54EA and 54EB of the Income-tax Act</h1> Sections 54EA and 54EB of the Income-tax Act, introduced by the Finance (No. 2) Act, 1996, provide tax exemptions on capital gains from the transfer of long-term capital assets. Under Section 54EA, if the proceeds from such a transfer are invested in specified bonds or debentures within six months, the capital gain may be exempt from tax. Similarly, Section 54EB allows for tax exemptions if the capital gains are reinvested in specified long-term assets. Both sections stipulate conditions for maintaining these investments to retain the tax benefits, including restrictions on transferring or converting these assets within specific periods.
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