54H. Extension of
time for acquiring new asset or depositing or investing amount
of capital gain.- Notwithstanding anything contained
in sections 54, 54B, 54D , 54EC and 54F, where the transfer
of the original asset is by way of compulsory acquisition
under any law and the amount of compensation awarded for such
acquisition is not received by the assessee on the date of
such transfer, the period for acquiring the new asset by the
assessee referred to in those sections or, as the case may
be, the period available to the assessee under those sections
for depositing or investing the amount of capital gain in
relation to such compensation as is not received on the date
of the transfer, shall be reckoned from the date of receipt
of such compensation :
Provided that where the compensation in respect of transfer
of the original asset by way of compulsory acquisition under
any law is received before the 1st day of April, 1991, the
aforesaid period or periods, if expired, shall extend up to
the 31st day of December, 1991.
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