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of <h1>Section 54EE Exemption Forfeited if New Assets Sold or Converted Within Three Years; Gains Taxed as Long-Term Capital Gains.</h1> The exemption under section 54EE can be withdrawn if the taxpayer transfers the new long-term specified assets within three years, resulting in the exempted capital gain being taxed as a long-term capital gain in the year of transfer. Additionally, if these assets are converted into money within three years of acquisition, the previously exempted capital gain becomes taxable in the year of conversion. In both cases, the initial exemption on the original long-term capital asset is forfeited.
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