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Section
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Asset
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Assessee
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Holding Period of Original
Assets
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Whether Reinvestment
Necessary — Time Limit
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Other Conditions/
Incidents
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Quantum
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(1)
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(2)
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(3)
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(4)
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(5)
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(6)
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(7)
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54
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Residential House
Property
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Individual/ HUF
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3 years
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Yes — In Residential
House, within 1 year before, or 2 years after the date of transfer (if purchased)
or 3 years after the date of transfer (if constructed).
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See Notes 1, 2, 10, 11 &
12
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The amount of gains, or the
cost of new asset, whichever is lower
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54B
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Agricultural Land except those
Exempted u/s 10(37)
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Individual / HUF (see Note
17)
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Use for 2 years
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Yes — In Agricultural
Land, within 2 years after the date of transfer.
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Must have been used by assessee
or his parents for agricultural purposes
See Notes 1, 2 and 10
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As above
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54D
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Industrial Land or Building or
any right therein
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Any Assessee
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Use for 2 years
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Yes — In Industrial Land,
Building, or any right therein within 3 years after the date of
transfer.
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Must have been compulsorily
acquired. See Notes 1, 2, 3 and 10
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As above
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54EC
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Any Long-term Capital Asset
(LTCA)
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Any Assessee
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Shares, Listed Securities, Units
of UTI/Mutual Fund covered u/s. 10(23D) : 1 year
Others : 3 years
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Yes — Whole or any part
of capital gain in bonds redeemable after 3 years and issued on or after
1-4-2006 by NHAI or REC and notified by the Govt.– within 6 months from the
date of transfer.
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See Notes 10, 14 and
15
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The amount of gain or the cost
of new asset whichever is lower subject to ` 50,00,000 per assessee during
any financial year for investments made on or after 1-4-2007. Also investment in
bonds notified before 1-4-2007 would be subject to conditions laid down in
notification including limiting conditions (i.e., ` 50 lakhs per
assessee)
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54F
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Any Capital Asset (not being a
residential house)
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Individual, HUF
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Shares, Listed Securities, Units
of UTI/Mutual Fund covered u/s. 10(23D) : 1 year
Others : 3 years
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Yes — In Residential
House, within 1 year before, or 2 years after the date of transfer (if
purchased), or 3 years after the date of transfer (if constructed).
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See Notes 2, 4, 5, 10, 11, 12
& 16
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If the cost of the specified
asset is not less than Net Consideration of the original asset, the whole of the
gains. If the cost of the specified asset is less than the Net Consideration, the
proportionate amount of the gains.
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54G
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Industrial land or building or
plant or machinery
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Any Assessee
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—
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Yes — In similar assets
and expenses on shifting of original asset, within 1 year before, or 3 years
after the date of transfer.
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See Notes 1, 2 and 6
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The amount of gains, or the
aggregate cost of new asset and shifting expenses, whichever is lower.
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54GB
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Residential property being a
house or a plot of land
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Individual / HUF
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5 years
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Yes — In subscription of
equity shares before due date of filing return of an eligible company and
the company within 1 year utilise the amount for purchase of new asset
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See Note 18
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If the cost of the specified
asset is not less than Net Consideration of the original asset, the whole of the
gains. If the cost of the specified asset is less than the Net Consideration, the
proportionate amount of the gains.
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54GA
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Industrial land or building or
plant or machinery
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Any Assessee
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—
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Yes — In similar assets
and expenses on shifting of original assets to a Special Economic Zone –
within 1 year before or 3 years after the date of transfer.
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See Notes 1, 2 and 7
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The amount of gains, or the
aggregate cost of new asset and shifting expenses, whichever is lower
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115F
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Foreign Exchange
Asset
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Non-Resident Indian
(Individual)
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Shares, Listed Securities, Units
of UTI/Mutual Fund covered u/s. 10(23D) : 1 year
Others : 3 years
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Yes— In 'Specified
Assets' or Specified Savings Certificates of Central Government, within 6 months
after the date of transfer
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See Notes 8, 9 and
13
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Same as u/s. 54F
above.
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