(2)[ Where the new asset is transferred, or converted (otherwise than by transfer) into money, within a period of three years from the date of its acquisition, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a) or, as the case may be, clause (b), of sub-section (1) shall be deemed to be income chargeable under the head "Capital gains" relating to ] [Inserted by Act 29 of 1977, Section 13 (w.e.f. 1.4.1978).][long-term capital assets] [ Substituted by Act 11 of 1987, Section 22, for certain words (w.e.f. 1.4.1988).][of the previous year in which the new asset is transferred or converted (otherwise than by transfer) into money.] [Inserted by Act 29 of 1977, Section 13 (w.e.f. 1.4.1978).][[Explanation 1] [Inserted by Act 19 of 1978, Section 13 (w.r.e.f. 1.4.1978).][.-Where the assessee deposits after the 27th day of April, 1978, the] [Inserted by Act 19 of 1978, Section 13 (w.r.e.f. 1.4.1978).] [whole or any part of the net consideration in respect] [ Substituted by Act 21 of 1979, Section 8, for certain words (w.e.f. 1.4.1979).][of the original asset in any new asset, being a deposit referred to in ] [Inserted by Act 19 of 1978, Section 13 (w.r.e.f. 1.4.1978).] [sub-clause (vi) of clause (a)] [Substituted by Act 21 of 1979, Section 8, for certain words (w.e.f. 1.4.1979).][of Explanation 1 below sub-section (1), and such assessee takes any loan or advance on the security of such deposit, he shall be deemed to have converted (otherwise than by transfer) such deposit into money on the date on which such loan or advance is taken.] [Inserted by Act 19 of 1978, Section 13 (w.r.e.f. 1.4.1978).][Explanation 2. - In a case where the original asset is transferred after the 28th day of February, 1983 and the assessee invests the whole or any part of the net consideration in respect of the original asset in any new asset and such assessee takes any loan or advance on the security of such new asset, he shall be deemed to have converted (otherwise than by transfer) such new asset on the date on which such loan or advance is taken.] [ Inserted by Act 11 of 1983, Section 20 (w.e.f. 1.4.1983).][* * *] [ Sub-Section (3), (4) and (5) omitted by Act 11 of 1987, Section 22 (w.e.f. 1.4.1988).][* * *] [ Sub-Section (3), (4) and (5) omitted by Act 11 of 1987, Section 22 (w.e.f. 1.4.1988).][* * *] [ Sub-Section (3), (4) and (5) omitted by Act 11 of 1987, Section 22 (w.e.f. 1.4.1988).]
