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of <h1>Exemption for long-term capital gains reinvested in notified fund within six months; Rs 50 lakh annual cap; three-year reversal rule</h1> Where long-term capital gains are invested within six months of transfer in notified units of a specified fund, the portion so invested is exempt from tax: fully exempt if investment equals or exceeds the gain, otherwise exempt proportionally. Investments from 1 April 2016 are capped at Rs. 50 lakh in a financial year, including aggregate investments relating to gains from transfers in that year and the next. If the specified units are transferred within three years, the previously exempt amount is taxed as long-term capital gain in the year of transfer. Taking a loan secured by the units is treated as a transfer. Cost means the amount invested from the capital gains.
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