Capital gains rollover for residential property: reinvestment or deposit requirement defers tax charge pending purchase or construction.

Rollover relief applies where long term capital gains from sale of a residential house are reinvested in a residential house purchased within one year before or two years after the transfer or constructed within three years. Excess gain over the new asset's cost is charged under section 67 and the new asset's cost is treated as nil for disposals within three years; if gain is not applied before filing, unutilised amounts must be deposited in a specified bank under a notified scheme and are deemed part of the new asset's cost until utilised.

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