Section 54GA of ITA, 1961 : Section 54Ga: Exemption Capital Gains On Transfer Of Assets In Cases Of Shifting Of Industrial Undertaking From Urban Area To Any Special Economic Zone

ITA, 1961

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Explanation using Example

Imagine a company named XYZ Pvt. Ltd. operates an industrial unit manufacturing electronic components in an urban area of Mumbai. Due to various reasons, including the benefits provided by the government, the company decides to shift its operations to a Special Economic Zone (SEZ) in Gujarat. In the process, XYZ Pvt. Ltd. sells its old factory land and building in Mumbai, resulting in a substantial capital gain.

Under Section 54GA of the Income-tax Act, 1961, XYZ Pvt. Ltd. can claim exemption from paying tax on the capital gains if it fulfills certain conditions. Withi...

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