What is Section 54 of the Income Tax Act?
The Income-tax Act allows exemption from capital gains tax if the amount of capital gains or sale consideration, as the case may be, is further invested in specified new assets. These exemptions are as under the following sections:
a) Section 54- Capital Gain arising from the transfer of residential house property
b) Section 54B- Capital Gain arising from the transfer of land used for agricultural purpose
c) Section 54D- Capital Gains on compulsory acquisition of land and building, forming part of industrial undertaking
d) Section 54EC- Capital Gain not be charged on investment in certain bonds
e) Section 54EE- Capital Gain not to be charged on investment in units of a specified fund
f) Section 54F- Capital Gain on transfer of a long term capital asset other than a house property
g) Section 54G- Capital Gain arising on transfer of assets in case of shifting of industrial undertaking from the urban area
h) Section 54GA- Capital Gain arising on transfer of assets in case of shifting of industrial undertaking from the urban area to any Special Economic Zone
i) Section 54GB​- Capital Gain on transfer of residential property