Insertion of New Section 54E

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..... ) Where the capital gain arises from the transfer of a capital asset; not being a short-term capital asset, (the capital assets so transferred being hereafter in this section referred to as the original asset) and the assessee has, within a period of six months after the date of such transfer, invested or deposited the full value of the consideration or any part thereof received or accruing as a r .....

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..... under section 45. Explanation 1 : For the purposes of this sub-section, specified asset means any of the following assets, namely :- (i) securities of the Central Government or a State Government; (ii) savings certificates as defined in clause (c) of section 2 of the Government Savings Certificates Act, 1959; (46 of 1959). (iii) units in the Unit Trust of India established under the Unit Trust of .....

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..... 1970 (5 of 1970) or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank). Explanation 2 : Cost in relation to any new asset, being a deposit referred to in clause (vi) or Explanation 1. means the amount of such deposit. (2) Where the new asset is transferred or converted (otherwise than by tra .....

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