Capital gains rollover relief: purchase or construction of a residential house within prescribed periods preserves exemption.

Amendment confines section 54 relief to transfers by individuals of buildings or lands appurtenant thereto that are long-term capital assets and residential houses chargeable under "Income from house property," requires purchase within one year before or after transfer or construction within the post-transfer period to qualify, substitutes "residential house" for "house property," defines long-term capital asset as not short-term, and extends the construction timeframe in the related sub-section.

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