Section 6 — The Explanation omitted by Act 18 of 1992, s

The Explanation omitted by Act 18 of 1992, s. 29 (w.e.f. 1-4-1993). 283 1[54E. Capital gain on transfer of capital not to be assets charged in certain cases.—(1) Where the capital gain arises from the transfer of a 2[long-term capital asset] 3[before the 1st day of April, 1992], (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, within a period of six months after the date of such transfer, invested or deposited the 4[whole or any part of the net consideration] in any specified asset (such specified asset being hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,— (a) if the cost of the new asset is not less than the 5[net consideration] in respect of the original asset, the whole of such capital gain shall not be charged under section 45; (b) if the cost of the new asset is less than the 5[net consideration] in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of acquisition of the new asset bears to the 6[net consideration] shall not be charged under section 45: 7[Provided that in a case where the original asset is transferred after the 28th day of February, 1983, the provisions of this sub-section shall not apply unless the assessee has invested or deposited the whole or, as the case may be, any part of the net consideration in the new asset by initially subscribing to such new asset:] 8[Provided further that in a case where the transfer of the original asset is by way of compulsory acquisition under any law and the full amount of compensation awarded for such acquisition is not received by the assessee on the date of such transfer, the period of six months referred to in this sub-section shall, in relation to so much of such compensation as is not received on the date of the transfer, be reckoned from the date immediately following the date on which such compensation is received by the assessee 9[or the 31st day of March, 1992, whichever is earlier].] Explanation 1.—10[For the purposes of this sub-section, “specified asset” means,— (a) in a case where the original asset is transferred before the 1st day of March, 1979, any of the following assets, namely:—] (i) securities of the Central Government or a State Government; (ii) savings certificates as defined in clause (c) of section 2 of the Government Savings Certificates Act, 1959 (46 of 1959); (iii) units in the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963);

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