Capital gain not to be charged on investment in certain bonds

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....(a) if the cost of the long-term specified asset is not less than the capital gain arising from the transfer of the original asset, the whole of such capital gain shall not be charged under section 45; (b) if the cost of the long-term specified asset is less than the capital gain arising from the transfer of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of acquisition of the long-term specified asset bears to the whole of the capital gain, shall not be charged under section 45 : ^2[Provided that the investment made on or after the 1st day of April, 2007 in the long-term specified asset by an assessee during any financial year does not exceed fifty lakh r....

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.... asset and such assessee takes any loan or advance on the security of such specified asset, he shall be deemed to have converted (otherwise than by transfer) such specified asset into money on the date on which such loan or advance is taken. ^3[(3) Where the cost of the long-term specified asset has been taken into account for the purposes of clause (a) or clause (b) of sub-section (1),- (a) ^12[****] (b) a deduction from the income with reference to such cost shall not be allowed under section 80C for any assessment year beginning on or after the 1st day of April, 2006.] Explanation.-For the purposes of this section,- (a) "cost", in relation to any long-term specified asset, means the amount invested i....

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....1st day of April, 2007 but before the 1st day of April, 2018, means any bond, redeemable after three years and issued on or after the 1st day of April, 2007 but before the 1st day of April, 2018; (ii) on or after the 1st day of April, 2018, means any bond, redeemable after five years and issued on or after the 1st day of April, 2018, by the National Highways Authority of India constituted under section 3 of the National Highways Authority of India Act, 1988 (68 of 1988) or by the Rural Electrification Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956) or any other bond notified in the Official Gazette by the Central Government in this behalf.]     *************....

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....13 of the Finance Act, 2006 w.e.f. 01-04-2006 5. Inserted vide Section 18 of the Finance Act, 2007 w.e.f. 01-04-2006 6. Inserted vide Section 18 of the Finance Act, 2007 w.e.f. 01-04-2006 7. Inserted vide Section 23 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 8. Substituted vide Section 27 of the Finance Act, 2017 w.e.f. 01-04-2018 before it was read as, "the Companies Act, 1956" 9. Inserted vide Section 21 of the Finance Act, 2018 w.e.f. 01-04-2019 10. Inserted vide Section 21 of the Finance Act, 2018 w.e.f. 01-04-2019 11.  Substituted Section 21 of the Finance Act, 2018 w.e.f. 01-04-2019 before it was read as,   "^6[(ba) "long-....