The Assessee Should have Invested the Amount in Land and Building
or P&M (Not Furniture & Fixture for the purpose of
Industrial Undertaking either one year before or three years after the date of
transfer.
Exemption shall also be allowed for shifting expenses.
The Asset so purchased should not be transferred for a period of at
least three year.
Amount of Exemption shall be equal to Amount Invested in Land &
Building and Plant & Machinery (Not Furniture & Fixture) (Subject
to capital gains).
Capital Gain Accounts Scheme, 1988 applicable.
If Assessee Violates Condition stated above Exemption earlier allowed
shall be withdrawn in special manner i.e. While Computing Capital Gains, Cost
of Acquisition shall be reduced by the amount of exemption earlier taken.
