Capital gains exemption when gains are reinvested in specified assets preserves tax relief subject to section-specific conditions. Section 54 and related provisions exempt capital gains where the taxpayer reinvests the capital gains or sale consideration in prescribed replacement ... Summary
Capital gains exemption when gains are reinvested in specified assets preserves tax relief subject to section-specific conditions.
Section 54 and related provisions exempt capital gains where the taxpayer reinvests the capital gains or sale consideration in prescribed replacement assets; distinct provisions apply depending on the asset transferred (residential house, agricultural land, industrial land/buildings, long-term non-house assets) and on specified modes of reinvestment (certain bonds, specified funds, transfers related to shifting industrial undertakings and transfers to Special Economic Zones).
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