Capital gains on transfer of foreign exchange assets 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

..... ins arises from the transfer of a foreign exchange asset (herein referred as original asset); and (b) within six months after the date of such transfer, he has invested the whole or any part of the net consideration in any specified asset (herein referred as new asset), then the capital gains shall be dealt with in the following manner:- (i) if the cost of the new asset is not less than the n .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he consideration received or accruing as a result of the transfer of such asset as reduced by any expenditure incurred wholly and exclusively in connection with such transfer. (3) Where the new asset is transferred or converted (otherwise than by transfer) into money, within three years from date of its acquisition, the capital gain arising from transfer of original asset not so charged under sec .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X