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of <h1>Capital gains exempt if a unit shifted to SEZ reinvests gains within one year prior or three years after transfer</h1> If an industrial undertaking located in an urban area is shifted to a Special Economic Zone, capital gains from transferring original business assets used in that undertaking are exempt to the extent the gains are reinvested within one year before or three years after the transfer in specified new assets (machinery, plant, land/buildings, shifting the establishment, or other notified purposes). If reinvestment is less than the capital gain the balance is taxable; if equal or greater no gain is charged. Unused amounts must be deposited in a specified bank before filing the return and treated as part of the new asset; amounts remaining unused after the three-year period are taxed as income and may be withdrawn per the notified scheme.
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