Act RulesBills
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Capital gains exemption for industrial relocation to non urban areas conditional on reinvestment and deposit requirements.
Exemption of capital gains on transfer of assets for industrial undertakings shifting from urban to non urban areas is subject to reinvestment in qualifying assets (machinery, plant, buildings, land or rights therein) acquired within the prescribed timeframe; any shortfall between capital gains and cost of new assets is taxable, and unutilised gains must be deposited in a specified bank or institution before filing the return, with untapped deposits taxed after the statutory period; the definition of urban area and scheme specified expenditure govern eligibility.