Specified capital assets include land transferred under a scheme, ownership certificates and reconstituted plots subject to specified conditions.

Specified capital asset includes land, a building, or both owned by the assessee on 2 June 2014 and transferred under the relevant scheme. It also includes a land pooling ownership certificate issued under the scheme to the assessee in respect of that land or building. The definition also covers a reconstituted plot or land received by the assessee under the scheme in exchange for the qualifying land or building, provided it is transferred within two years from the end of the financial year in which possession was handed over to the assessee.

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