Where long-term capital gains from sale of a residential house...

Where long-term capital gains from sale of a residential house were applied to purchase of a plot, payment of architect fees and deposits, and bona fide commencement of construction within the statutory three-year window, such application constitutes 'utilisation' of capital gains for the purpose of the exemption. The piece treats the exemption as beneficial, relies on precedent holding that advances and commencement of construction satisfy the utilisation requirement even if physical completion and plan sanction occur after three years, and concludes exemption should be allowed on proof of investment and commencement.