Capital gain exemption on reinvestment: restricted to land or building transfers and bond eligibility revised for reinvestment.

Amendment to section 54EC confines the capital gain reinvestment exemption to transfers of land or building and redefines "long term specified asset" with time tiered bond eligibility: earlier issuance window bonds redeemable after a shorter term remain eligible for investments made in that earlier period, while bonds issued on or after the later window require a longer redemption term to qualify; eligible issuers include specified public entities or other bonds notified by the Central Government. The changes are prospectively effective from the stated effective date.

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