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of <h1>Section 54F: Exemption of long-term capital gains on sale of non-residential asset when proceeds fund one residential house purchase</h1> Where a taxpayer (individual or HUF) realizes long-term capital gain from transfer of a non-residential asset and purchases within one year before or two years after, or constructs within three years after, a single residential house in India, the capital gain is exempt to the extent the new house's cost equals or proportionally bears to the net consideration; excess gain remains taxable. Exemptions do not apply if the taxpayer owns or acquires other residential property yielding house-property income within the specified periods. Unutilised sale proceeds must be deposited in a notified scheme before filing the return; amounts over Rs.10 crore are excluded for cost/deposit purposes. Deeming rules apply if the new asset is later transferred.
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