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of <h1>Long-term house capital gains exemption (Sections 54/54F): reinvest within 1 year before, 2 years after or construct in 3 years</h1> Where an individual or HUF sells a long-term residential house, capital gain can be exempted if within one year before or two years after sale they purchase, or within three years construct, a residential house in India; the excess of gain over new asset cost is taxable, or if cost equals/exceeds gain no tax arises and future cost is adjusted. If gains = ?2 crore, the assessee may instead acquire two houses once; amounts not invested by return filing must be deposited in a notified scheme and treated as cost, but unutilised deposits after three years become taxable. Gains/costs exceeding ?10 crore are disregarded.
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