India - Income Tax Act 2010 - Saarc

1.339 CH. IV - COMPUTATION OF INCOME FROM CAPITAL GAINS S. 54Gthe due date applicable in the case of the assessee for furnishing the return ofincome under sub-section (1) of section 139] in an account in any such bank orinstitution as may be specified in, and utilised in accordance with, any scheme 72which the Central Government may, by notification in the Official Gazette, framein this behalf and such return shall be accompanied by proof of such deposit ;and, for the purposes of sub-section (1), the amount, if any, already utilised by theassessee for the purchase or construction of the new asset together with theamount so deposited shall be deemed to be the cost of the new asset :Provided that if the amount deposited under this sub-section is not utilisedwholly or partly for the purchase or construction of the new asset within theperiod specified in sub-section (1), then,—(i) the amount by which—(a) the amount of capital gain arising from the transfer of the originalasset not charged under section 45 on the basis of the cost of thenew asset as provided in clause (a) or, as the case may be, clause(b) of sub-section (1),exceeds(b) the amount that would not have been so charged had the amountactually utilised by the assessee for the purchase or constructionof the new asset within the period specified in sub-section (1) beenthe cost of the new asset,shall be charged under section 45 as income of the previous year inwhich the period of three years from the date of the transfer of theoriginal asset expires ; and(ii) the assessee shall be entitled to withdraw the unutilised amount inaccordance with the scheme aforesaid.Explanation.— 73 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]]74[Exemption of capital gains on transfer of assets in cases of shifting of industrialundertaking from urban area.54G. (1) Subject to the provisions of sub-section (2), where the capital gainarises from the transfer of a capital asset, being machinery or plant orbuilding or land or any rights in building or land used for the purposes of thebusiness of an industrial undertaking situate in an urban area, effected in thecourse of, or in consequence of, the shifting of such industrial undertaking(hereafter in this section referred to as the original asset) to any area (other thanan urban area) and the assessee has within a period of one year before or threeyears after the date on which the transfer took place,—72. 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.73. Prior to omission, Explanation was amended by the Finance (No. 2) Act, 1991, w.e.f.1-4-1992.74. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.