Capital gain relief for replacement jewellery bought within six months prevents taxation on reinvested proceeds. Section 54C exempts capital gain on transfer of jewellery held for personal use by the assessee or a dependent family member where the assessee acquires replacement jewellery within six months. If replacement cost equals or exceeds the full value of consideration for the transferred jewellery, the whole capital gain shall not be charged under section 45; if replacement cost is less, the exempted portion is proportionate to the replacement cost relative to the full consideration. 'Jewellery' is defined as in the Explanation to sub-clause (ii) of clause (14) of section 2.