{"id":1565,"date":"2019-09-01T11:22:54","date_gmt":"2019-09-01T05:52:54","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=1565"},"modified":"2020-03-30T14:21:07","modified_gmt":"2020-03-30T08:51:07","slug":"capital-gain-tax-deduction-sale-property","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/","title":{"rendered":"Capital Gain Tax and Deduction on Sale of Property"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#What_is_a_capital_asset\" title=\"What is a capital asset?\">What is a capital asset?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#Modes_of_Capital_Gain\" title=\"Modes of Capital Gain\u00a0\">Modes of Capital Gain\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#Short_Term_Capital_Gain\" title=\"Short Term Capital Gain :\u00a0\">Short Term Capital Gain :\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#Long_Term_Capital_Gain\" title=\"Long Term Capital Gain :\u00a0\">Long Term Capital Gain :\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#Computation_of_Capital_Gain\" title=\"Computation of Capital Gain\u00a0\">Computation of Capital Gain\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#Exemption_of_Capital_Gain\" title=\"Exemption of Capital Gain\">Exemption of Capital Gain<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#Exemption_under_section_10_of_the_Income_Tax_Act\" title=\"Exemption under section 10 of the Income Tax Act :\">Exemption under section 10 of the Income Tax Act :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#Exemption_under_section_54_54B_54D_54EC_54EE54F54G_54GA_54GB_54H\" title=\"Exemption under section 54\/ 54B\/ 54D\/ 54EC\/ 54EE\/54F\/54G\/ 54GA\/ 54GB\/ 54H.\">Exemption under section 54\/ 54B\/ 54D\/ 54EC\/ 54EE\/54F\/54G\/ 54GA\/ 54GB\/ 54H.<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><b>Introduction<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Capital gains are nothing but the profits or gains arising from the transfer of capital asset. As per sec 45 of income tax,1961, such capital gains<\/span><span style=\"font-weight: 400;\"> are deemed to be the\u00a0<\/span><span style=\"font-weight: 400;\">income<\/span><span style=\"font-weight: 400;\"> of the previous year in which the transfer took place and chargeable to income tax under the head capital gains.\u00a0<\/span><span style=\"font-weight: 400;\">To determine capital gain one has to know about capital asset<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1568 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Capital-gain-Blog-Image-03_09_2019.jpg\" alt=\"Capital gain\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Capital-gain-Blog-Image-03_09_2019.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Capital-gain-Blog-Image-03_09_2019-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Capital-gain-Blog-Image-03_09_2019-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_capital_asset\"><\/span><strong>What is a capital asset?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per Sec-2(14) of the Income Tax Act,1961, a capital asset is defined as the property of any kind held by an Assesse, whether or not connected with his business or profession and any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with SEBI regulations.<\/span><\/p>\n<p><strong>It does not Include-<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Personal effects (excluding jewelry, archaeological collections, drawings, paintings, sculptures or any work of art.)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rural Agricultural Land in India<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Specified Gold Bonds ( 6.5% Gold Bond,1977, or 7% Gold Bonds,1980, or National Defence Bonds 1980 issued by Central Government)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Special Bearer Bonds, 1991<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Gold Deposit Bonds<\/span><\/li>\n<\/ul>\n<p><strong>The capital asset has been categorized as\u00a0<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Short term capital asset\u00a0 and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Long term capital asset<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Short term capital asset and long term capital assets are classified based on the period of holding.<\/span><\/p>\n<p><strong>The Period of Holding according to the asset has been listed below:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Unlisted shares &amp; Land or Building or Both<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Short term capital asset- if held for <\/span><span style=\"font-weight: 400;\">&lt;<\/span><span style=\"font-weight: 400;\">to 24 months<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Long term capital asset- if held for &gt; 24 months<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Security (other than unit) listed in the recognized stock exchange, a Unit of equity-oriented fund\/unit of UTI, Zero-coupon bonds<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Short term capital asset- if held for <\/span><span style=\"font-weight: 400;\">&lt;<\/span><span style=\"font-weight: 400;\">to 12 months<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Long term capital asset- if held for &gt; 12 months<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Unit of the debt-oriented fund, unlisted securities other than shares, <\/span><span style=\"font-weight: 400;\">Gold, Jewellery<\/span><span style=\"font-weight: 400;\"> and other capital assets<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Short term capital asset- if held for <\/span><span style=\"font-weight: 400;\">&lt;<\/span><span style=\"font-weight: 400;\">to 36 months<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Long term capital asset- if held for &gt; 36 months<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Modes_of_Capital_Gain\"><\/span><strong>Modes of Capital Gain\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The income chargeable under Capital gain are segregated as\u00a0<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Short Term Capital Gain<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Long Term Capital Gain<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Short_Term_Capital_Gain\"><\/span><strong>Short Term Capital Gain :\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">STCG arises when an assessee transfers\u00a0short Term capital asset as defined under section 2(42A).<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Long_Term_Capital_Gain\"><\/span><strong>Long Term Capital Gain :\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">LTCG arises when an assessee transfers Long term capital asset as defined under section 2(29A).<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Computation_of_Capital_Gain\"><\/span><strong>Computation of Capital Gain\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per section 48 of the <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-rules-for-nri\/\">Income Tax,<\/a> 1961, Income chargeable to income tax under head capital gains can be calculated by deducting below items from the sale proceeds, i.e. Full value of Consideration.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expenditure incurred wholly and exclusively in connection with such sale or Transfer (brokerage, commission, advertisement expenses, etc.)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Cost of acquisition and cost of any improvement thereto.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> For the computation of Long term Capital Gain, as per sec-48 of Income Tax Act, 1961, the Indexed Cost of acquisition and indexed cost of improvement shall be considered.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indexed Cost of acquisition and Indexed cost of the improvement is nothing but the value raised by Cost of Inflation Index (CII).<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Exemption_of_Capital_Gain\"><\/span><strong>Exemption of Capital Gain<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Exemption_under_section_10_of_the_Income_Tax_Act\"><\/span><strong>Exemption under section 10 of the Income Tax Act :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Capital Gain arising on transfer of a unit of Unit Scheme, 1964 is exempted u\/s <\/span><span style=\"font-weight: 400;\">10(38). <\/span>Although, in the Finance Act, 2018, Section 10(38) has been withdrawn and new section 112A is inserted which states that LTCG on equity shares or mutual funds or units of business trust shall be taxed @ 10% without indexation on the gain amount exceeding Rs.1,00,000.<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Capital Gains on compulsory acquisition of agriculture land situated within specified Urban Limits is exempted u\/s 10(37) <\/span><span style=\"font-weight: 400;\">if such individual\/<a href=\"https:\/\/aktassociates.com\/blog\/tax-benefits-hindu-undived-family\/\">HUF<\/a> assessee used the said agriculture land for at least 2 years from the date of transfer. <\/span>The considerations shall be determined or approved by RBI\/CG.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> Agriculture land situated in the Rural area is not itself a capital asset, because it is specifically excluded in the definition of capital asset specified u\/s 2(14).<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Exemption_under_section_54_54B_54D_54EC_54EE54F54G_54GA_54GB_54H\"><\/span><strong>Exemption under section 54\/ 54B\/ 54D\/ 54EC\/ 54EE\/54F\/54G\/ 54GA\/ 54GB\/ 54H.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Exemption under above sections can be claimed only if the accruing\/earned capital gain or the proceeds received from the sale or transfer of capital assets is being re-invested in specified assets or schemes within specified Time Limit as per terms and conditions specified in the sections.<\/span><\/li>\n<\/ul>\n<p><strong>Below are the exemptions for capital gains on the sale of Property<\/strong><\/p>\n<p><strong>Section 54 :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Section 54 provides an exemption for individuals &amp; HUF&#8217;s on sale of <\/span><b>long term residential house property<\/b><span style=\"font-weight: 400;\"> (buildings or land appurtenant thereto) where income from such house should be chargeable under income from house property if following conditions have been fulfilled\u00a0<\/span><\/p>\n<p><strong>The long term capital gain should be reinvested to<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Purchase one residential house in India within 1 year before or 2 years after the sale of the old house<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Construct within a period of 3 years after the sale of the old house.<\/span><\/li>\n<\/ul>\n<p><strong>Other Conditions :<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Till the amount reinvested in the new house, the assessee can deposit the amount in a special account scheme to avail the deduction.<\/span><\/li>\n<\/ul>\n<p><strong>The capital gain shall be exempted lower of the following:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Capital gain\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Or\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cost of new assets\/Deposit amount.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If the new asset has been transferred within 3 years of its acquisition or construction then the exempted amount shall be reduced from the cost of the new asset. In simple words, the new house property should be held at least 3 years from the date of acquisition or construction.<\/span><\/li>\n<\/ul>\n<p><strong>Section -54B :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Section 54B provides an exemption for individuals &amp; HUF&#8217;s on sale of <\/span><b>Urban Agriculture<\/b> <b>land<\/b><span style=\"font-weight: 400;\"> if the following conditions have been fulfilled<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such land should be used for agriculture purpose by the assessee as either individual or HUF or by his parents in the 2 years immediately prior to the date of sale.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Capital gain should be reinvested in the purchase of other agriculture land either in a rural or urban area within 2 years of the transfer.<\/span><\/p>\n<p><strong>The following conditions are similar to section 54 :<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Till the assess purchase new agriculture land, he can deposit the amount in a special account scheme to avail the deduction.<\/span><\/li>\n<\/ul>\n<p><strong>The capital gain shall be exempted lower of the following :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Capital gain\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Or\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cost of new assets\/Deposit amount.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If the new asset has been transferred within 3 years of its purchase then the exempted amount shall be reduced from the cost of the new asset.<\/span><\/li>\n<\/ul>\n<p><strong>Section-54D :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Section 54B provides an exemption for all assesses in case of compulsory acquisition of <\/span><span style=\"font-weight: 400;\">industrial<\/span><span style=\"font-weight: 400;\"> land &amp; Buildings of an industrial undertaking if the following conditions have been fulfilled<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such land &amp; Building should be used for the purpose of Industrial Undertaking by the assessee\u00a0in the 2 years immediately prior to the date of sale.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Capital gain should be reinvested in purchase\/construction of land &amp; Building for shifting or re-establishing of existing undertaking or establishment of a new undertaking within 3 years from the date of <\/span><span style=\"font-weight: 400;\">receipt of compensation<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exemption limit is same as of section 54 or 54B i.e. lower of capital gain or cost of the new asset.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also if the new asset is transferred within 3 years from the date of purchase then the cost of new assets shall be reduced by the capital gain amount.<\/span><\/p>\n<p><strong>Section-54EC :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Section 54EC provides an exemption for all assesses in case of sale <\/span><b>long term capital asset<\/b><span style=\"font-weight: 400;\"> (land or Building or both) if the following conditions have been fulfilled<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The capital gain should be invested in any of the bonds of NHAI, REC, PFCL, IRFCL within 6 months from the date of sale.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such Bonds should not be sold or converted or held as security for a period of 5 years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the new asset is transferred within 5 years from the date of purchase then the exempted capital gain shall be taxable in the year of transfer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The maximum amount of exemption is Rs. 50,00,000.<\/span><\/p>\n<p><strong>The capital gain shall be exempted lower of the following :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Capital gain amount<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> or<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cost of new asset<\/span><\/p>\n<p><strong>Section-54F :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Section 54F provides an exemption for Individual or HUF in case of sale of long term capital asset (not being a residential house) if the following conditions have been fulfilled<\/span><\/p>\n<p><strong>The sale Proceeds should be reinvested in\u00a0<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Purchase one residential house in India within 1 year before or 2 years after the sale of the old house<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Construct within a period of 3 years after the sale of the old house.<\/span><\/li>\n<\/ul>\n<p><strong>The amount of exemption can be calculated as per the following formula :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Cost of new House <\/span><span style=\"font-weight: 400;\">* Capital gains\/<\/span><span style=\"font-weight: 400;\">Net Consideration<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">If the new asset is transferred within 3 years from the date of acquisition or construction then the exempted capital gain shall be taxable in the year of transfer and treated as long term capital gain.<\/span><\/p>\n<p><strong>Section 54G :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Section 54G provides an exemption for any assessee in case of capital gains (short term or Long term) arising on shifting of Industrial Undertaking from Urban areas to any other areas other than Urban area if the following conditions have been fulfilled.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The capital gain (Short term or Long term) should be utilized for the below purposes within 1 year before or after 3 years from the date of transfer<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">purchase of new plant &amp; machinery for the purpose of Industrial Undertaking<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">acquisition of land or building or construction of building for the purpose of Industrial Undertaking<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">expenditure incurred on shifting of the Industrial Undertaking from Urban areas to Other areas<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">any other such expenditure as specified by the central government.<\/span><\/li>\n<\/ul>\n<p><strong>The capital gain shall be exempted lower of the following<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Capital gain amount\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0or<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cost of new asset plus expenses incurred for shifting<\/span><\/p>\n<p><strong>Section 54GA :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Section 54GA provides an exemption for any assessee in case of a capital gain on certain capital assets arising on shifting of Industrial Undertaking from Urban area to any SEZ (Special Economic Zone) if the following conditions have been fulfilled<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The capital asset should be either plant &amp; machinery or building or land or any rights in building or land which is used for the purpose of Industrial Undertaking Business situated in an urban area.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The capital gain should be utilized for the below purposes within 1 year before or after 3 years from the date of transfer<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">purchase of plant &amp; machinery for the purpose of Industrial Undertaking in SEZ<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">acquisition of land or building or construction of building for the purpose of Industrial Undertaking in SEZ<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">expenditure incurred on shifting of the Industrial Undertaking from Urban areas to SEZ<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">any other such expenditure as specified by the central government.<\/span><\/li>\n<\/ul>\n<p><strong>The capital gain shall be exempted lower of the following :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Capital gain amount\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0or<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cost of new asset plus expenses incurred for shifting<\/span><\/p>\n<p><strong>Section 54GB :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Section 54GB provides an exemption for Individual or HUF in case of Long term capital gain arising on sale of residential (house or land) property if the following conditions have been fulfilled<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The proceeds of Sale consideration should be re-invested before the due date of furnishing return of income u\/s 139(1) in subscription of equity shares of an eligible start-up company which utilizes the consideration for the purpose of purchase of new plant &amp; machinery within 1 year from the date of subscription of equity shares.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Amount of Exemption shall be whichever is lower<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cost of New Plant &amp; Machinery<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0or<\/span><\/p>\n<p><span style=\"font-weight: 400;\">LTCG\u00a0<strong> *<\/strong><\/span><span style=\"font-weight: 400;\">Amount invested in new Plant &amp; Machinery \/ <\/span><span style=\"font-weight: 400;\">Net Consideration<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> The Exemption under this section is no longer available for the residential properties sold after 31\/03\/2019.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1569 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Capital-gain-Banner-image-03_09_2019-1.png\" alt=\"Capital gain Tax\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Capital-gain-Banner-image-03_09_2019-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Capital-gain-Banner-image-03_09_2019-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Capital-gain-Banner-image-03_09_2019-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><strong>Section 54EE :<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Section 54EE provides an exemption for any assessee in case of Long term capital gain arising on sale of long term capital asset if the following conditions have been fulfilled<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Capital Gain should be invested in below purpose within 6 months from the date of transfer<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Invested in notified Units of Specified Funds (issued before 01\/04\/2019) as may be notified by the Central Government.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Amount of Exemption shall be whichever is lower<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investment in notified Units of Specified Funds<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0 \u00a0 \u00a0 \u00a0or<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Capital Gain\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Capital gains are nothing but the profits or gains arising from the transfer of capital asset. As per sec &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Capital Gain Tax and Deduction on Sale of Property\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/#more-1565\">Read more<span class=\"screen-reader-text\">Capital Gain Tax and Deduction on Sale of Property<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Capital Gain Tax on Sale of Property, Modes, Computation, Exemption<\/title>\n<meta name=\"description\" content=\"To Know the tax liabilities on sale of capital assets, one must know about the capital gain taxation provision and the exemptions there on. read this article 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