Insertion of new section 54A (Omitted)

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.... 54A. After section 54 of the Income-tax Act, the following section shall be inserted namely :- '54A. Relief of tax on capital gains on transfer of property held under trust for charitable or religious purposes or by certain Institutions. (1) Where the capital gain arises from the transfer of a long term capital asset, being property specified in sub-section (2) (the capital asset so tra....

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....espect of the original asset. so much of the capital gain as hears to the whole of the capital gain the same proportion as the cost of acquisition of the new asset bears to the net consideration shall not be charged under section 45; Provided that in a case where the transfer of the original asset is by way of compulsory acquisition under any law and the full amount of compensation awarded for s....

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....eld under a trust created on or after the 1st day of April, 1952, or by an institution established on or after that date, for a charitable purpose which is for the benefit of citizens of India abroad or which tends to promote international welfare in which India is interested; (d) property held by a trust or institution of national importance referred to in clause (d) of sub-section (1) of secti....