Income Tax Act, 2025
Section 4: Ins. by Act 23 of 1986, s. 12 (w.e.f. 11987).
4. Ins. by Act 23 of 1986, s. 12 (w.e.f. 11987).
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2[(e) in a case where the original asset is transferred after the 31st day of March, 1989, any of the
assets specified in clauses (c) and (d) and such debentures or bonds issued by the National Housing
Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987), as the Central
Government may, by notification in the Official Gazette, specify in this behalf.]
3[Explanation 2.—“Eligible issue of capital” shall have the meaning assigned to it in sub-section (3)
of section 80CC.
Explanation 3.—An assessee shall not be deemed to have invested 4[the whole or any part of the net
consideration in any equity shares referred to in sub-clause (va) of clause (a)] of Explanation 1, unless the
assessee has subscribed to or purchased the shares in the manner specified in sub-section (4) of
section 80CC. ]
5[Explanation 4].—“Cost”, in relation to any new asset, being a deposit referred to in 6[sub-clause (vi)
of clause (a)] of Explanation 1, means the amount of such deposit.
7[Explanation 5.—”Net consideration”, in relation to the transfer of a capital asset, means the full
value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by
any expenditure incurred wholly and exclusively in connection with such transfer.]
8[(1A) Where the assessee deposits after the 27th day of April, 1978, the 9[whole or any part of the net
consideration in respect] of the original asset in any new asset, being a deposit 10[referred to in
sub-clause (vi) of clause (a)] of Explanation 1 below sub-section (1), the cost of such new asset shall not
be taken into account for the purposes of that sub-section unless the following conditions are fulfilled,
namely:—
(a) the assessee furnishes, along with the deposit, a declaration in writing, to the bank or the
co-operative society referred to in the 11[said sub-clause (vi)] with which such deposit is made, to the
effect that the assessee will not take any loan or advance on the security of such deposit during a
period of three years from the date on which the deposit is made;
(b) the assessee furnishes, along with the return of income for the assessment year relevant to the
previous year in which the transfer of the original asset was effected or within such further time as
may be allowed by the 12[Assessing Officer], a copy of the declaration referred to in clause (a) duly
attested by an officer not below the rank of sub-agent, agent or manager of such bank or an officer of
corresponding rank of such co-operative society.
in a case where the original asset is transferred after the 31st day of March, 1989, any of the
assets specified in clauses
and
and such debentures or bonds issued by the National Housing
Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987), as the Central
Government may, by notification in the Official Gazette, specify in this behalf.]
3[Explanation 2.—“Eligible issue of capital” shall have the meaning assigned to it in sub-section
of section 80CC.
Explanation 3.—An assessee shall not be deemed to have invested 4[the whole or any part of the net
consideration in any equity shares referred to in sub-clause
of clause
of
section 80CC. ]
5[Explanation 4].—“Cost”, in relation to any new asset, being a deposit referred to in 6[sub-clause
of clause
Where the assessee deposits after the 27th day of April, 1978, the 9[whole or any part of the net
consideration in respect] of the original asset in any new asset, being a deposit 10[referred to in
sub-clause
of clause
the assessee furnishes, along with the deposit, a declaration in writing, to the bank or the
co-operative society referred to in the 11[said sub-clause
the assessee furnishes, along with the return of income for the assessment year relevant to the
previous year in which the transfer of the original asset was effected or within such further time as
may be allowed by the 12[Assessing Officer], a copy of the declaration referred to in clause
duly
attested by an officer not below the rank of sub-agent, agent or manager of such bank or an officer of
corresponding rank of such co-operative society.