Capital gain application: reinvestment in new trust asset treated as applied to charitable purposes; compliance periods extended. Capital gains realized by a charitable or religious trust on sale of a corpus capital asset are to be regarded as applied to charitable purposes where the trust transfers the asset solely to acquire another capital asset and utilises the capital gains in acquiring the new asset. Trustees seeking to accumulate income beyond prescribed limits must give notice and invest accumulated sums in specified securities; the permitted period to invest and to furnish accounts is extended to four months from the end of the relevant previous year or until the assessment-year filing deadline, whichever is later.