Economics · Income Tax - Capital Gains
Under the Income Tax Act, 1961, long-term capital gain is NOT eligible for exemption under specific sections (like Sec 54, 54B, 54D) in which of the following general cases unless specific reinvestment criteria are met?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1General transfer of taxable capital assets without prescribed statutory reinvestments✓
- 2Compulsory acquisition of land and buildings of industrial undertakings
- 3Transfer of agricultural land used for agricultural purposes
- 4Transfer of a residential house and investment in another residential house
Correct answer
General transfer of taxable capital assets without prescribed statutory reinvestments
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