Section-54 : A Residential House Property
Agricultural land if it was used by the individual or his parents for agricultural purposes for at least 2 years immediately prior to transfer
Land or building forming part of an industrial undertaking which is compulsorily acquired by the Government and which is used for 2 years for industrial purposes prior to its acquisition
Section-54EC : Any long-term capital asset
Any long- term capital asset (other than a residential house property) provided on the date of transfer the taxpayer does not own more than one residential house property’ (except the new house as stated in 4 infra).
Land, building plant or machinery in order to shift an industrial undertaking from urban area to rural area.
Land, building, plant or machinery in order to shift an Industrial undertaking from urban area to any special economic zone