Exemption is Allowed provided the Assessee has transfer land and building forming part of industrial undertaking and used for the same in past 2 year prior to transfer and purchased land and building for shifting or re-establishing the industrial undertaking.

Conditions :
- The taxpayer should be any assesses.
- Assets should be purchased land and building for shifting or re-establishment the industrial undertaking
- Investment should be made within 3 years from date of transfer.
- Transfer should be long term In nature.
- Exemption amount long term capital gain or cost of new assets.
ADDITIONAL CONDITIONS
- If new asset is sold within 3 years, amount earlier exempted under this section will be reduced from its COA to calculate capital gains thereon.
- If the amount in CGAS is not utilized within the prescribed time limit, such unutilized amount will be taxable as capital gains.