Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... pital asset being land or building or any right in land or building, forming part of an industrial undertaking belonging to him, which was being used by the assessee for the business of the said undertaking in the two years immediately preceding the date of transfer (original asset); and (b) within three years after that date, purchased any other land or building or any right in any other land o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... chase or construction, the cost shall be reduced by the amount of the capital gains. (2) If the capital gains is not utilised by the assessee to purchase the new asset before filing the return of income under section 263, then-- (a) the unutilised amount shall be deposited not later than the due date for filing the return of income under sub-section (1) of the said section in a specified bank o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... harged under section 67 as the income of the tax year in which three years from the date of the transfer of the original asset expires; and (b) the assessee shall be entitled to withdraw the unused amount according to the said scheme. - Clause 84 of the Bill provides for capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases.
Statute, statutory pr .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X