Capital gains exemption for two residential houses permits purchase or construction of two homes if gain below specified threshold. Permits an assessee to elect to purchase or construct two residential houses in India to claim the section 54 capital gains exemption where the capital gain does not exceed the prescribed threshold; when elected, statutory references to one residential house and to 'new asset' are to be read as references to the two houses, and the option, once exercised in any assessment year, cannot be exercised again for the same or any other assessment year.