Income Tax Act, 2025
Section 2: Ins. by Act 11 of 1987, s. 24 (w.e.f. 11988).
2. Ins. by Act 11 of 1987, s. 24 (w.e.f. 11988).
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(2) The amount of capital gain which is not appropriated by the assessee towards the cost and
expenses incurred in relation to all or any of the purposes mentioned in clauses (a) to (d) of sub-section
(1) within one year before the date on which the transfer of the original asset took place, or which is not
utilised by him for all or any of the purposes aforesaid before the date of furnishing the return of income
under section 139, shall be deposited by him before furnishing such return [such deposit being made in
any case not later than the due date applicable in the case of the assessee for furnishing the return of
income under sub-section (1) of section 139] in an account in any such bank or institution as may be
specified in, and utilised in accordance with, any scheme which the Central Government may, by
notification in the Official Gazette, frame in 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 the assessee
for all or any of the purposes aforesaid together with the amount, 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 utilised wholly or partly for all or
any of the purposes mentioned in clauses (a) to (d) of sub-section (1) within the period specified in that
sub-section, then,—
(i) the amount not so utilised shall be charged under section 45 as the income of the previous year
in which the period of three years from the date of the transfer of the original asset expires; and
(ii) theassessee shall be entitled to withdraw such amount in accordance with the scheme
aforesaid.
1* * * * *
2[54GA. Exemption of capital gains on transfer of assets in cases of shifting of industrial
undertaking from urban area to any Special Economic Zone.—(1) Notwithstanding anything
contained in section 54G, where the capital gain arises from the transfer of a capital asset, being
machinery or plant or building or land or any rights in building or land used for the purposes of the
business of an industrial undertaking situate in an urban area, effected in the course of, or in consequence
of the shifting of such industrial undertaking to any Special Economic Zone, whether developed in any
urban area or any other area and the assessee has within a period of one year before or three years after
the date on which the transfer took place,—
(a) purchased machinery or plant for the purposes of business of the industrial undertaking in the
Special Economic Zone to which the said undertaking is shifted;
(b) acquired building or land or constructed building for the purposes of his business in the
Special Economic Zone;
(c) shifted the original asset and transferred the establishment of such undertaking to the Special
Economic Zone; and
(d) incurred expenses on such other purposes as may be specified in a scheme framed by the
Central Government for the purposes of this section,
The amount of capital gain which is not appropriated by the assessee towards the cost and
expenses incurred in relation to all or any of the purposes mentioned in clauses
to
of sub-section
within one year before the date on which the transfer of the original asset took place, or which is not
utilised by him for all or any of the purposes aforesaid before the date of furnishing the return of income
under section 139, shall be deposited by him before furnishing such return [such deposit being made in
any case not later than the due date applicable in the case of the assessee for furnishing the return of
income under sub-section
of section 139] in an account in any such bank or institution as may be
specified in, and utilised in accordance with, any scheme which the Central Government may, by
notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of
such deposit ; and, for the purposes of sub-section
to
of sub-section
within the period specified in that
sub-section, then,—
the amount not so utilised shall be charged under section 45 as the income of the previous year
in which the period of three years from the date of the transfer of the original asset expires; and
theassessee shall be entitled to withdraw such amount in accordance with the scheme
aforesaid.
1* * * * *
2[54GA. Exemption of capital gains on transfer of assets in cases of shifting of industrial
undertaking from urban area to any Special Economic Zone.—
Notwithstanding anything
contained in section 54G, where the capital gain arises from the transfer of a capital asset, being
machinery or plant or building or land or any rights in building or land used for the purposes of the
business of an industrial undertaking situate in an urban area, effected in the course of, or in consequence
of the shifting of such industrial undertaking to any Special Economic Zone, whether developed in any
urban area or any other area and the assessee has within a period of one year before or three years after
the date on which the transfer took place,—
purchased machinery or plant for the purposes of business of the industrial undertaking in the
Special Economic Zone to which the said undertaking is shifted;
acquired building or land or constructed building for the purposes of his business in the
Special Economic Zone;
shifted the original asset and transferred the establishment of such undertaking to the Special
Economic Zone; and
incurred expenses on such other purposes as may be specified in a scheme framed by the
Central Government for the purposes of this section,