Deduction U/s 54D

 

Deduction U/s 54D

Deduction in respect Sale of Compulsory acquisition of industrial land and building. 

Deduction allowed to-: All assesses

Deduction allowed form long term as well as short term capital gain. 

Condition for deduction-: 

• Land & Building must be used at least 2 year for commercial 

purpose before from the date of transfer. 

• Assesses acquired new land and building with in 3 year from the 

date of transfer. 

Amount of Deduction-:

• Deposit Scheme-: Amount of capital must be deposit under Capital 

gain deposit scheme 1988with in nationalized band before the due 

date of filling income tax return if assesses not invested in new house 

before the filling of income tax return.

• Unused Amount-: Unused amount after the time limit of amount 

under capital gain deposit scheme fully taxable in the year of 

duration complete.

• Forfeiture of Deduction-: deduction in respect of purchase of new 

house & construction of new house fully taxable, if new house sale 

within 3 year from the date of accusation.