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TMI BlogInsertion of new section 54GB.X X X X Extracts X X X X X X X X Extracts X X X X ..... for subscription in the equity shares of an eligible company (herein referred to as the company); and ( iii ) the company has, within one year from the date of subscription in equity shares by the assessee, utilised this amount for purchase of new asset, then, instead of the capital gain being charged to income-tax as the income of the previous year in which the transfer takes place, it shall be dealt with in accordance with the following provisions of this section, that is to say, ( a ) if the amount of the net consideration is greater than the cost of the new asset, then, so much of the capital gain as it bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sset as provided in sub-section (1) , exceeds ( b ) the amount that would not have been so charged had the amount actually utilised for the purchase of the new asset within the period specified in sub-section (1) been the cost of the new asset, shall be charged under section 45 as income of the assessee for the previous year in which the period of one year from the date of the subscription in equity shares by the assessee expires; and ( ii ) the company shall be entitled to withdraw such amount in accordance with the scheme. (4) If the equity shares of the company or the new asset acquired by the company are sold or otherwise transferred within a period of five years from the date of their acquisition, the amount of capital gain arising fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n" shall have the meaning assigned to it in the Explanation to section 54F; ( d ) "new asset" means new plant and machinery but does not include ( i ) any machinery or plant which, before its installation by the assessee, was used either within or outside India by any other person; ( ii ) any machinery or plant installed in any office premises or any residential accommodation, including accommodation in the nature of a guest-house; ( iii ) any office appliances including computers or computer software; ( iv ) any vehicle; or ( v ) any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head "Profits and gains of busines ..... X X X X Extracts X X X X X X X X Extracts X X X X
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