Relief for capital gains on charitable property tied to reinvestment in like-purpose assets, with proportionate exemption rules.

Relief of tax on capital gains applies to transfers of long-term assets held for charitable or religious purposes where reinvestment in a new asset for the same purpose occurs during the previous year or within six months after its close; full exemption applies if the new asset's cost equals or exceeds net consideration, otherwise exemption is proportionate to that cost. A deferred reckoning period applies for compensation received after the previous year in compulsory acquisitions. Qualifying property classes and partial-application proportionality are specified, and "net consideration" is defined by statutory cross-reference.

---

---

---