Capital gains--Payment of tax on capital gains included in the income-tax return claimed to be exempt within the meaning of sections 5t4, 54B and 54D.

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....ded in the income-tax return claimed to be exempt within the meaning of sections 5t4, 54B and 54D. Section 45 of the Income-tax Act, 1961, provides for the taxation of capital gains arising on the transfer of capital assets. Sections 54, 54B and 54D grant exemption in respect of capital gains arising on transfer of property used for self-residence, land used for agricultural purposes and compul....

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....o so later has been considered, and I am directed to convey the following instructions : (a) in cases where the assessee has received the sale proceeds of the capital asset transferred, the time for payment of tax under sections 140A and 220 need not be extended as the assessee has the necessary funds to pay the taxes; (b) in cases where sale proceeds of the asset transferred have not been r....