India - Income Tax Act 2010 - Saarc

S. 54E I.T. ACT, 1961 1.326(i) the amount not so utilised shall be charged under section 45 as theincome of the previous year in which the period of three years fromthe date 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.— 91 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]92[Capital gain on transfer of capital assets not to be charged in certain cases.9354E. (1) Where the capital gain arises from the transfer of a 94 [long-termcapital asset] 95 [before the 1st day of April, 1992], (the capital asset sotransferred being hereafter in this section referred to as the original asset) andthe assessee has, within a period of six months after the date of such transfer,invested or deposited the 96 [whole or any part of the net consideration] in anyspecified asset (such specified asset being hereafter in this section referred to asthe new asset), the capital gain shall be dealt with in accordance with thefollowing provisions of this section, that is to say,—(a) if the cost of the new asset is not less than the 97-98 [net consideration]in respect of the original asset, the whole of such capital gain shall notbe charged under section 45;(b) if the cost of the new asset is less than the 97-98 [net consideration] inrespect of the original asset, so much of the capital gain as bears to thewhole of the capital gain the same proportion as the cost of acquisitionof the new asset bears to the 99 [net consideration] shall not be chargedunder section 45:1[Provided that in a case where the original asset is transferred after the 28thday of February, 1983, the provisions of this sub-section shall not apply unlessthe assessee has invested or deposited the whole or, as the case may be, any part91. Prior to its omission, Explanation was amended by the Finance (No. 2) Act, 1991, w.e.f.1-4-1992.92. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1978.93. See also Circular No. 359, dated 10-5-1983 and Circular No. 560, dated 18-5-1990. Fordetails, see Taxmann’s Master Guide to Income-tax Act.94. Substituted for “capital asset, not being a short-term capital asset” by the Finance Act,1987, w.e.f. 1-4-1988.95. Inserted by the Finance Act, 1992, w.e.f. 1-4-1992.96. Substituted for “full value of the consideration or any part thereof received or accruingas a result of such transfer” by the Finance Act, 1979, w.e.f. 1-4-1979.97-98. Substituted for “full value of consideration received or accruing”, ibid.99. Substituted for “full value of such consideration”, ibid.1. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983.