- The taxpayer should be any assesses.
- 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- If Assessee Violates Condition stated above Exemption earlier allowed shall be withdrawn in special manner i.e. While Computing Capital Gains, Cost of Acquisition shall be reduced by the amount of exemption earlier taken.