Section 54EE: Transfer Of Any Capital Assets And Investment In Notified Units Of Specified Fund.
Asset to be transferred: Any long-term capital asset.
Asset on which capital gain to be invested: Long-term Specified Asset.
1. ELIGIBLE ASSESSEE
- All assessees.
2. CONDITIONS
- The asset transferred should be a long-term capital asset.
- The investment in long-term specified asset should be made within 6 months from the date of transfer.
3. LONG-TERM SPECIFIED ASSET:
- A unit or units of such fund, as may be notified by the Central Government issued before the 1st day of April, 2019.
4. AMOUNT OF EXEMPTION
- Amount invested in long-term specified assets (or) capital gain (or) 50 Lakhs (whichever is less).
5. WITHDRAWAL OF EXEMPTION
- The long-term specified assets should not be transferred within a period of 3 years from the date of acquisition.
- If transferred before the expiry of 3 years, the amount exempted earlier, shall be taxable as long-term capital gain in the PY in which the transfer took place.