Direct Taxes - Capital Gains - Some tricky points about exemptions u/s 54 etc.

1.  Only individual or HUF can claim exemption under  Sec 54, 54B (agricultural land), 54F (other than residential house) and 54GB (equity shares of eligible cos.

2.  Other four exemptions viz 54D (compulsory acquisition), 54EC (NHAI, REC),          54G(urban to rural), 54GA (urban to SEZ) can be claimed by any taxpayer.

3.  Only proportionate exemption will be allowed in case of 54F and 54GB (equity      

 shares) 

4.  Time-limit for acquiring new asset is :-
--- only 6 months in case of 54EC (NHAI,,REC), 
--- before furnishing the return for investor in eligible co. and One Year for eligible Co. in      case of 54GB (equity shares)
--- three years forward in case of 54D (Compulsory acquisition).

5. .In  other cases, the above time-limit is 1 year backward, 2 years forward for purchase and 3 years forward for construction.

6.  Retention-  Shares of eligible Cos. should not be transferred within 5 years of acquisition and the eligible companies also should not transfer new asset within 5 years from acquisition in case of 54GB.

7.   In other cases, the new asset should not be transferred within 3 years of its acquisition.

8.  And, in case of 54F, no more than required one  residential house property should be purchased within 2 years (or constructed within 3 years) of the transfer of the original asset.