Long-term capital gains exemption on investment in specified fund units, with withdrawal on premature transfer or loan-backed use. Long-term capital gains may be exempt when a transferred long-term capital asset is replaced by investment in a long-term specified asset within six months. The exemption may be full or proportionate depending on the amount invested, subject to the investment cap of Rs. 50 lakh for eligible investments. The exemption is withdrawn if the specified asset is transferred within three years, and a loan or advance taken against the asset is deemed to be a transfer.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Long-term capital gains exemption on investment in specified fund units, with withdrawal on premature transfer or loan-backed use.
Long-term capital gains may be exempt when a transferred long-term capital asset is replaced by investment in a long-term specified asset within six months. The exemption may be full or proportionate depending on the amount invested, subject to the investment cap of Rs. 50 lakh for eligible investments. The exemption is withdrawn if the specified asset is transferred within three years, and a loan or advance taken against the asset is deemed to be a transfer.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
