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of <h1>Capital gains exempt when industry shifts urban to non-urban if proceeds reinvested within one year before or three years after</h1> When an industrial undertaking relocates from an urban area to a non-urban area, capital gains from transfer of machinery, plant, buildings, land or rights used in the original business are exempted to the extent the proceeds are reinvested in new assets (purchase, acquisition, construction, shifting or specified expenditures) within one year before or three years after the transfer. If reinvestment is less than the gain, the shortfall is taxed; if equal or greater, no gain is charged. Reinvested amounts set the cost for any subsequent disposal within three years. Unused amounts must be deposited in a specified bank before filing and, if not applied within the period, are taxed. 'Urban area' is defined by the Central Government.
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