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of <h1>Section 54F: Claim full or proportionate long-term capital gains exemption by buying or constructing residential house within prescribed periods</h1> An individual or Hindu undivided family with long-term capital gains from transferring a non-residential asset can claim exemption by purchasing within one year before or two years after, or constructing within three years after, one residential house in India; full exemption applies if the new house cost equals or exceeds net consideration, otherwise exemption is proportionate. Unused sale proceeds must be deposited in a specified institution before filing and used as directed, or recaptured as income if not applied within prescribed periods. Exemption is lost if the assessee owns or acquires other taxable house property; sale of the new house within three years triggers recapture. Amounts above ten crore rupees are ignored for certain limits; net consideration equals sale consideration minus transfer expenses.
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