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of <h1>Tax Benefits for Capital Gains on Moving Industrial Units: Section 54G Explained</h1> Section 54G of the Income Tax Act addresses capital gains arising from transferring assets when shifting industrial undertakings from urban to rural areas. It applies to both long-term and short-term capital assets, including plant, machinery, land, or buildings. To qualify for tax benefits, the capital gain must be reinvested in purchasing or constructing new assets in rural areas within one year before or three years after the transfer. The new undertaking must not be in an urban area, and the new assets cannot be transferred within three years of acquisition. The deduction is the lower of the capital gains or the cost of the new asset. A Capital Gain Deposit Scheme is available for such transactions.
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