Section 11(1A)(b) in The Income Tax Act, 1961

[Cites 0, Cited by 3] [Section 11(1A)] [Section 11] [Entire Act]

Union of India - Subsection

Section 11(1A)(b) in The Income Tax Act, 1961

(b)where a capital asset, being property held under trust in part only for such purposes, is transferred and the whole or any part of the net consideration is utilised for acquiring another capital asset to be so held, then, the appropriate fraction of the capital gain arising from the transfer shall be deemed to have been applied to charitable or religious purposes to the extent specified hereunder, namely:—

(i)where the whole of the net consideration is utilised in acquiring the new capital asset, the whole of the appropriate fraction of such capital gain;

(ii)in any other case, so much of the appropriate fraction of the capital gain as is equal to the amount, if any, by which the appropriate fraction of the amount utilised for acquiring the new asset exceeds the appropriate fraction of the cost of the transferred asset.

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Union of India - Subsection

Section 11(1A)(b) in The Income Tax Act, 1961