Capital gains exemption for reinvestment in specified bonds: reinvest within six months to defer tax, subject to lock in and cap. Capital gains from transfer of a long term capital asset (land or building) are exempt from tax to the extent reinvested within six months in a long term specified asset; full exemption applies if reinvestment equals or exceeds the gain, otherwise a proportional exemption applies. Exempt amounts are recaptured if the specified asset is transferred or converted into money within the statutory lock in period; loans on the asset are treated as conversion. The scheme is subject to statutory investment limits, ineligibility for certain deductions in respect of the invested amount, and a defined class of eligible bonds as notified by the government.