Capital gains exemption on reinvestment in residential house subject to timebound purchase, deposit requirement, and exceptions. Capital gains from transfer of a long-term capital asset other than a residential house are exempt, wholly or proportionately, when an individual or HUF purchases or constructs a residential house within the prescribed pre- and post-transfer periods; unutilised net consideration must be deposited in a specified bank under a notified scheme before filing the return, treated as part of the new asset cost, and if not applied within the statutory period the previously exempted gains are recalculated and charged as income, with specified exclusions where other taxable residential properties are owned or acquired and with monetary ceilings limiting amounts taken into account.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital gains exemption on reinvestment in residential house subject to timebound purchase, deposit requirement, and exceptions.
Capital gains from transfer of a long-term capital asset other than a residential house are exempt, wholly or proportionately, when an individual or HUF purchases or constructs a residential house within the prescribed pre- and post-transfer periods; unutilised net consideration must be deposited in a specified bank under a notified scheme before filing the return, treated as part of the new asset cost, and if not applied within the statutory period the previously exempted gains are recalculated and charged as income, with specified exclusions where other taxable residential properties are owned or acquired and with monetary ceilings limiting amounts taken into account.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
