Capital gain on transfer of long-term capital assets not to be charged in certain cases

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....he capital asset so transferred being hereafter in this section referred to as the original asset), and the assessee has, at any time within a period of six months after the date of such transfer invested the whole or any part of capital gains, in any of the assets specified by the Board in this behalf by notification in the Official Gazette (such assets hereafter in this section referred to as th....

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....the amount invested in such specified asset out of capital gains received or accruing as a result of the transfer of the original asset. (2) Where the long-term specified asset is transferred or converted (otherwise than by transfer) into money at any time within a period of seven years from the date of its acquisition, the amount of capital gains arising from the transfer of the original asset....

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....ecified asset into money on the date on which such loan or advance is taken. ^3[****]]     **************** NOTES:- 1.  Inserted vide Section 20 of the Finance (No. 2) Act, 1996 w.e.f. 01-10-1996  2. Inserted vide Section 26 of the Finance Act, 2000 w.e.f. 01-04-2001 3.  Omitted vide Section 27 of the Finance A....