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of <h1>Section 54: Defer long-term capital gains on sale of residential house by buying or building new property within specified periods</h1> An individual or Hindu undivided family with long-term capital gains from transfer of a residential house may defer tax if it purchases within one year before or two years after the transfer, or constructs within three years thereafter, a new residential house in India. If gains exceed the new asset's cost, the excess is taxable and the new asset's cost is nil for subsequent three-year transfers; if gains are = cost, no immediate tax and the new asset's cost is reduced by the gains. Unused gains must be deposited in a specified account before filing and used per the notified scheme, otherwise taxed after three years. Optionally, if gains = ?2 crore, two houses may be acquired; amounts above ?10 crore are ignored for specified reliefs.
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