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of <h1>Exemption of long-term capital gains on pre-1 April 1992 asset transfers when reinvested in specified assets within six months</h1> Where long-term capital gain arises from transfer of a pre-1 April 1992 asset and the assessee reinvests within six months some or all of the net consideration in prescribed 'specified assets,' the capital gain is exempt to the extent the new asset's cost equals the reinvested amount; if less, exemption is proportionate. Special rules extend the six-month timing for compulsory acquisitions, require initial subscription for certain shares, and prescribe specified asset lists by transfer date. Deposits with banks/co-ops carry declaration and three-year no-loan conditions and must be held three years (else recaptured as capital gain); taking a loan on such deposit is treated as conversion into money.
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