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of <h1>Section 54EC: Exemption for long-term capital gains if net consideration reinvested in specified bonds within six months; three-year clause</h1> Where a long-term capital asset transferred before 1 April 2000 generates a capital gain, any part of the net consideration invested within six months in Board-specified securities (bonds, debentures, public company shares or certain mutual fund units) is eligible for exemption: if investment cost equals or exceeds the net consideration, the entire gain is exempt; if less, a proportionate part is exempt. If those specified securities are sold or treated as converted into money (including taking a loan against them) within three years, the previously exempted gain becomes chargeable in the year of such conversion. 'Cost' means amount invested out of the net consideration; 'net consideration' is sale proceeds less transfer expenses.
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