Capital Gain Exempt from TAX Section 54G

1	Nature	Transfer of assets in case of industrial undertaking from urban areas (Only P& M , Land & Building).
2	Available to	Any Assessee
3	Period held before transfer	Any period (Thus can be short term or Long Term)
4	Amount exemption of	If capital Gain <amount invested= full amount If capital Gain >amount invested=  Difference is taxable
5	Conditions	·         Transfer of capital assets from urban areas to non urban areas affected in course of industrial undertaking from urban area assessee has ·         One year before or ·         Three year after date of transfer (a) Purchase new P &M and (b) Acquired L & B (c) Shifted the original assets and transferred the establishment to such area (d) incurred expenses on such other purposes as may be specified in a scheme framed by central Govt.             New undertaking should not be in urban area.             Should not sell for three years.
6	If amount not utilised till filling of return U/S 139(1)	Deposit in nationalized bank under the Capital Gain Deposit A/c Scheme
7	If Deposit not utilised	Unutilized amount taxable as CG (Long term or Short Term as the case may be) in the PY in which three years from the date of transfer of original asset expires.
8	Consequences of transfer before three years	The cost of the new assets shall be reduced by the amount of capital gains if the new asset is sold within three years. From the date of its acquisition (i.e. STCG)