Exemption of capital gains for residential house transfers: proportionate relief based on consideration, subject to ownership limits. Exemption applies when an individual or HUF transfers a long term capital asset that is a residential house chargeable under Income from house property; a portion of the resultant capital gain is exempt by reference to the amount of consideration received, with proportionate exemption where consideration exceeds a specified threshold, and the exemption is inapplicable if the assessee owns any other residential house on the date of transfer.