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of <h1>Reinvestment of pre-2000 long-term capital gains exempts matching invested amount; uninvested part remains taxable; conversion within seven years revives tax.</h1> Where a long-term capital asset (transferred before 1 April 2000) generates capital gain and the assessee, within six months of transfer, invests whole or part of that gain in Board-specified long-term assets, the gain is exempt to the extent the investment equals or proportionately matches the gain; any uninvested portion remains chargeable. If the specified asset is sold or otherwise converted into money within seven years of acquisition, the previously exempted gain becomes taxable in the year of such conversion. A loan or advance secured by the specified asset is treated as conversion.
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