India - Income Tax Act 2010 - Saarc

S. 54D I.T. ACT, 1961 1.324of the assessee for furnishing the return of income under sub-section (1) ofsection 139] in an account in any such bank or institution as may be specified in,and utilised in accordance with, any scheme 81 which the Central Governmentmay, by notification in the Official Gazette, frame in this behalf and such returnshall be accompanied by proof of such deposit; and, for the purposes of subsection(1), the amount, if any, already utilised by the assessee for the purchaseof the new asset together with the amount so deposited shall be deemed to be thecost of the new asset :Provided that if the amount deposited under this sub-section is not utilisedwholly or partly for the purchase of the new asset within the period specified insub-section (1), then,—(i) the amount not so utilised shall be charged under section 45 as theincome of the previous year in which the period of two years from thedate of the transfer of the original asset expires; and(ii) the assessee shall be entitled to withdraw such amount in accordancewith the scheme aforesaid.Explanation.— 82 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]]Capital gain on transfer of jewellery held for personal use not to be charged incertain cases.54C. [Omitted by the Finance Act, 1976, w.e.f. 1-4-1976. Original section wasinserted by the Finance Act, 1972, w.e.f. 1-4-1973.]83[Capital gain on compulsory acquisition of lands and buildings not to becharged in certain cases.8454D.85[(1)] 86 [Subject to the provisions of sub-section (2), where the capitalgain arises] from the transfer by way of compulsory acquisition underany law of a capital asset, being land or building or any right in land or building,forming part of an industrial undertaking 87 belonging to the assessee which, inthe two years immediately preceding the date on which the transfer took place,was being used by the assessee for the purposes of the business of the saidundertaking 88 [(hereafter in this section referred to as the original asset)], and81. For text of the Capital Gains Accounts Scheme, 1988—GSR 724(E), dated 22-6-1988 andfor list of authorised branches (except rural branches) of the banks specified to receivedeposits and maintain accounts—GSR 725(E), dated 22-6-1988, see Taxmann’s DirectTaxes Circulars.82. Prior to omission, Explanation was amended by the Finance (No. 2) Act, 1991, w.e.f.1-4-1992.83. Inserted by the Finance Act, 1973, w.e.f. 1-4-1974.84. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.85. Inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974.86. Substituted for “Where the capital gain arises” by the Finance Act, 1987, w.e.f. 1-4-1988.87. For the meaning of the expression “industrial undertaking”, see Taxmann’s Direct TaxesManual, Vol. 3.88. Inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974.