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<h1>New Tax Law: Capital Gains from Residential Houses Exempt up to 200,000; Conditions Apply Under Amended Section 53.</h1> The amendment to the Income-tax Act, 1961, through the Taxation Laws (Amendment) Act, 1984, replaces section 53 with new provisions regarding the exemption of capital gains from residential houses. It specifies that if an individual transfers a capital asset, such as a residential house, the capital gain will not be charged under section 45 if the consideration does not exceed 200,000 rupees. If it exceeds this amount, a proportional exemption applies. However, this exemption is not applicable if the individual owns another residential house on the transfer date.