Exemption on CG on transfer of residential property if invested in new manufacturing SME company - (Old) Section 54GB [ Upto 31.03.2026 ]

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.... return of income under section 139(1) utilized the • net consideration for subscription in EQUITY shares of an eligible company (Preference share cannot be subscribed), and • the company has within 1 year from the date of subscription in equity shares, utilised the amount for purchase of new asset. The unutilised amount of net consideration shall be deposited by the company before the due date in such bank or institution as as may be specified by Central Govt. Meaning of Eligible Company Eligible company means a company which fulfills all the following conditions: • It should be incorporated in India during the period commencing from 1st April of the previous year in which the capital gains a....

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.... Gazette, the new asset shall include computers or computer software. Deemed cost of New Asset Cost of New Asset = Actual amount utilized for purchase of new assets plus Amount deposited under Sub-section (2). Treatment of Unutilized capital gain amount The amount of the net consideration is not utilised by the company for the purchase of the new asset before the due date of furnishing of the return of income by the assessee under section 139 then  • The unutilized amount must be deposited in a specified bank account under the notified scheme. • Deposit must be made before the due date under Section 139(1). • Proof of deposit must accompany the assessee's return....

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....¢ Computer; or • Computer software acquired by an eligible start-up, the lock-in period is reduced from 5 years to 3 years Sunset Clause and Extended Benefit for Eligible Start-ups Section 54GB does not apply to transfers made after 31 March 2017 For investment in eligible start-ups, benefit was extended up to 31 March 2022 Meaning of important term (a) "eligible assessee" means an individual or a Hindu undivided family; (b) "eligible company" means a company which fulfils the following conditions, namely:- (i) it is a company incorporated in India during the period from the 1st day of April of the previous year relevant to the assessment year in which the capital gain ....