Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone.

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..... ection 87 if the assessee has-- (a) capital gains arising from the transfer of a capital asset, being machinery or plant or building or land or any rights in building or land used for the business of an industrial undertaking situated in an urban area, effected in the course of or in consequence of shifting of such industrial undertaking (original asset) to any Special Economic Zone in any area; .....

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..... t)-- (I) is less than the capital gains, the difference shall be charged under section 67 as the income of the tax year; or (II) is equal to or more than the capital gains, no capital gain shall be charged under section 67; (B) for computing any capital gain arising from transfer of the new asset within three years of its being purchased, acquired, constructed or transferred, the cost shall .....

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..... e the due date for filing the return. (3) For the purposes of sub-section (1), the amount already utilised for purchasing or constructing the new asset together with the deposited amount under sub-section (2) shall be deemed to be the cost of the new asset. (4) If the amount deposited under sub-section (2) is not wholly or partly utilised for the new asset within the period specified in sub-sect .....

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