Capital gains deemed to be applied for charitable/religious purposes - Section 11(1A)

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....ligious purposes [ Section 11(1A)(a) ] Where a capital asset, is transferred and the whole or any part of the net consideration is utilized for acquiring another capital asset then following capital gain shall be exempt: - i. where the whole of the net consideration is utilized in acquiring the new capital asset, the whole of such capital gain; ii. where only a part of the net consideration ....

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....ropriate fraction of the amount utilised for acquiring the new asset exceeds the appropriate fraction of the cost of the transferred asset. Meaning of specified term "Appropriate fraction" means the fraction which represents the extent to which the income derived from the capital asset transferred was immediately before such transfer applicable to charitable or religious purposes. &qu....