Capital gains exemption for residential house transfers allows full or proportionate exemption depending on consideration threshold and prior ownership.

Statute exempts capital gains to an individual from transfer of a long-term residential house (income under Income from House Property): full exemption if consideration does not exceed a specified threshold; otherwise a proportionate exemption equal to the threshold-to-consideration ratio; exemption inapplicable if the assessee owns any other residential house on the transfer date.

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